Schuh is paying out a £25m bonus to almost 3,500 staff following the maturing of a scheme put in place when the retailer was acquired by Genesco.
- Bonus was put in place following acquistion by Genesco four years ago
- Annual pre-tax profits have dipped 5%
- Bonus is dependent on annual salary and length of service
The shoe specialist was acquired by Tennessee-based footwear retailer Genesco in 2011 for £125m. One of the conditions of the sale was the creation of a bonus scheme to reward staff for a continued good performance of the business.
The amount of bonus payable to staff was dependent on the business hitting financial targets over four years.
Schuh has revealed the bonus to coincide with its latest set of annual financial results.
The footwear retailer’s pre-tax profits dipped by 5% to £11.5m for the year ending January 31, as sales rose by 7.6% to £247.5m. During the period Scuh opened 12 new stores.
Schuh will divide up the bonus depending on employees’ annual salaries and how long they have worked for the company.
For example, a sales assistant on an annual salary of £14,000 who has worked at the company for five years will receive a bonus of £3,000, while a store manager on a salary of £34,000 who has been at the company for 10 years will receive a £14,000 bonus.
Schuh chief executive Colin Temple said the retailer is going from “strength to strength” despite the challenges on the high street.
He said: “We have gained significant market share in recent years with the introduction of our new concept Schuh Kids, we’ve opened more stores and we’ve recruited many more people.
“The success of our businsess is based on the hard work and dedication of our people and there is no better way to thank them than to let them know today we’re sharing £25m throughout the business.”