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Store review positions Pavers for growth

Pavers store

Turnover at footwear retailer Pavers rose 9.8% to £91.9m in the year to 3 February 2018, after it continued to overhaul its store estate.

The York-based company opened 10 new stores during the period, closed two and refurbished about 15% of its estate. It ended the financial year with 135 stores in the UK and 36 in India. 

Operating profit increased by 10.1% on 2017 to £10.9m, and its pre-tax profit was up 4.6% to £8.6m.

Pavers’ directors said the business had “worked hard” to retain its profit margin in the face of Brexit headwinds. 

They added that the retail environment “remains very competitive and even more so within our sector of footwear”, noting the increased competition from clothing retailers.

However, they were optimistic about Pavers’ future: “Despite the economic downturns during the period, [we] are pleased with the overall performance of the business and remain positive about the future growth of the company.”

After the financial year end Pavers acquired fellow footwear chain Jones Bootmaker through a pre-pack deal in late February. The directors said they were “confident that with some hard work, we can make a great success of the brand”.

The Pavers group currently has 176 UK stores, 39 of which are Jones Bootmaker. A new Jones store will open on Neal Street in London’s Covent Garden in early November. 

In July, Pavers bought Devon-based online footwear retailer Herring Shoes, and launched a charitable trust that will allow its employees to apply for grants to support local or national causes.

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