Schuh profits stamped by high street promotions
Schuh, the Livingston-headquartered footwear firm, has seen a drop in annual pre-tax profits as high street promotions took a toll on earnings.
The retailer posted a turnover rise to £308.5 million in the year to 3 February, up from £280.9m in 2017.
However, the firm’s profit before tax fell from £16.6m to £15m year-on-year, due to an “overtly promotional” retail environment.
Schuh, which was acquired by US-based Genesco in a £125m deal in 2011, has expanded its store portfolio in the current year, opening new adult and childrenswear shops in Edinburgh.
The retailer is due to launch two new sites south of the Border before the end of the year.
Finance and HR director David Gillan-Reid said the retailer started the year strongly, but found the market tougher from Black Friday onwards.
He added: “The promotional environment on the high street continued right through until Christmas, culminating in a lack-lustre sale festive sales period.”