Footwear retailer Schuh’s pre-tax profits dropped from £14.8m to £12.1m as it doubled investment into the business.
Schuh opened 17 new stores over the year to February 1. It also opened a new £7m 245,000 sq ft distribution centre opened in September in Bathgate, West Lothian.
Sales dipped 1.3% to £230m but Schuh’s year is pitched against a longer, 53 week period last year as a result in a change in year-end date.
EBITDA margin was down from 8.8% to 8.3% over the period.
US-based retail group Genesco bought Schuh for £125m in 2011.