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Strong sales in sportswear division sees strong like-for-like sales growth at Schuh

Branded footwear retailer Schuh says an 11.5% rise in like-for-like sales in its last financial year is down to a strong performance in sportswear division and having the right product mix.

The company, which operates 63 stores in the UK and Ireland, posted an 8.6% rise in EBITDA to £18.8m for the full-year to March 27, 2011, with sales up £17.1m to £163.6m and an 8.2% rise in pre-tax profits to £14.8m. It added that trade since then had remained strong, with a particularly good festive period. 

Finance and ecommerce director Mark Crutchley told Drapers: “These are a strong set of results for us. Our like-for-likes were very strong and it comes down to having the right product mix.

“We continue to be pleased with trade since the results and have enjoyed a strong Christmas period. All of our stores are performing well.”

He added that sportswear brands including Converse, Vans and Toms has performed especially well.

Since the full-year period which the results relate to, Schuh, which stocks over 90 brands including Skechers, Blowfish Malibu, Kickers and its own brand, was sold to US retail group Genesco in June.

According to Crutchley, the sale to Genesco, which owns footwear brands Journeys and Lids in the US, has meant that Schuh can accelerate its programme of new store openings in the UK.  

“I think about 120 Schuh stores in total would pretty much cover the market so that is about what we are aiming for,” he said.

Schuh opened stores at Westfield Stratford, Portsmouth, Guildford, Bournemouth, Wigan and Watford in the last three months of 2011 and has plans to open in Bath and Colchester at the start of this year.

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