Schuh blames promotional retail environment for decline in profits

After a year of challenging conditions on the high street, Schuh said in a statement that its turnover increased from 280.9 million pounds in FY17 to 308.5 million pounds, however pre-tax profits decreased from 16.6 million pounds to 15 million pounds due to the overtly promotional retail environment.

“We had a strong start to the year however from Black Friday onwards in line with retail generally we found the market much tougher. The promotional environment on the high street continued right through until Christmas, culminating in a lack-lustre sale festive sales period,” said David Gillan Reid, Finance & HR Director, Schuh in a statement.

In FY19, Schuh opened new adult and kids’ stores in Fort Kinnaird Edinburgh, while relocating its two stores in Lakeside. The company plans to open a store in Eastbourne and at Cribbs Causeway (Bristol), it is adding a Schuh kids store. After re-platforming its website last year, the company also launched a visual re-design last year.