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Profits take a tumble at Sole Trader owner

The owner of footwear retailers Sole Trader and Sole reported a 25% slump in pre-tax profit for the year to June 30, 2012.

According to accounts filed at Companies House, Twinmar Holdings saw profits slip to £1.22m from £1.64m the year before.

Despite the dip in profit, turnover for the year rose 3.22% to £34.5m.

Brands sold by the company’s two fascias include Converse, Base London, Dr Martens, Gola, Hunter and Kickers.

Company director Salo Bordon described the 12 months as a “period of continuing economic difficulty” and said consumer confidence was “fragile”.

The results come on the back of a strong performance during the previous year, when Twinmar Holdings reported a 4.5% increase in turnover and a 12.9% rise in pre-tax profits.

While the directors do not make any specific reference to the fall in pre-tax profits this year, the report does say the group “faces risks from the economic downturn, government fiscal policy, the banking crisis, sterling weakness and the impact of these factors on its suppliers and customers”.

But Bordon was relatively bullish about future opportunities for the business. “The directors believe there is considerable scope for further development of the existing activities of the group,” he said.

“The group’s balance sheet strength continues to create opportunities for growth, subject to the vicissitudes of the general economic climate.”

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