Schuh's footing sure as profits soar

Published on Friday 20 June 2008 10:35

SCHUH, the Livingston headquartered footwear retailer, is planning to open more stores in England and Ireland this year after record strong growth in earnings and sales.

The firm's books filed at Companies House showed the company reaped the rewards from an up-market strategy that let it avoid the problems affecting many of its discount rivals.

In the year to March, Schuh prospered while retailers such as Dolcis failed to compete with supermarkets and discount clothes stores selling footwear.

The company, under the leadership of managing director, Colin Temple, posted 17 per cent growth in earnings before interest, depreciation and amortisation, to 11.7 million.

Its performance was boosted by the opening of four new stores, increasing the size of the Schuh organisation to 50 branches in the UK and Ireland. The firm grew sales 11 per cent to 118.5m.

Schuh has used eBay as an innovative way of moving stock in efforts to cope with customer jitters in the high street.

Gross profits showed 15.6 per cent of sales in the latest period, compared with 14.8 per cent in the preceding year.

Terry Racionzer, Schuh's chairman said no-one had been immune from the pressures firms faced in a hard year selling specialist footwear.

"Reduced footfall on the one hand and the effect of widespread increases in the frequency and scope of price-led promotions continue to pose a significant challenge," he said.