Stylo out of step as high street conditions dent profits
27 May 2008
Sales at Stylo, the shoe retail group that counts Barratts and PriceLess among its brands, fell 4pc to £223.3 million last year as tough high street conditions kicked in.
Consumer belt tightening led to a sale in March of Stylo’s loss-making Shellys brand to eternal Best Industries Ltd of Hong Kong.
The group did manage and improvement in gross profit percentage (excluding property impairment of £4.8 million) to 7.1% up from 6.7% last time. But that didn’t mask a wider pre-tax loss, including a property impairment charge, of £12.5 million up from £7.1 million in 2007.
Chairman and chief executive Michael Ziff, said the poor performance reflected the current difficult retail trading environment in which Stylo operates and which had resulted in a number of its direct competitors being sold or closed.
Stylo also announced today that David Patrick had resigned as managing director of Barratts and would be replaced by non-executive director, David Lockyer.
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