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Exclusive: Russell & Bromley defies high street gloom with profits rise

Footwear chain Russell & Bromley bucked the high street gloom in 2011 posting a rise in profit after tax to £15.2m from £13.6m the previous year.

The retailer saw a 5.6% rise in turnover from £95m to £101m over the period, over which it said it had seen increased costs. Operating costs rose by 8.3% while buying costs, including currency fluctuations, rose by 9.3%.

The business had settled on a strategy to minimise costs in all parts of the business and to focus on “quality product and excellent customer service” throughout the year.

Russell & Bromley said its positive results came during a time of “economic uncertainty” and was attributed to the “hard work” of its shop and head office staff.

It added that it remained cautious about the ongoing outlook but that it would open further shops “where opportunities arise and where shop rents demanded are not uneconomical”.

 “With the prevailing and future economic environment uncertain, it is difficult to forecast future performance, but with the strong financial position of the company and the expertise and dedication of management and staff we look forward to the future with confidence.”

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