Pre-tax profits dropped from £15.3m to £9.9m at value footwear retailer Shoe Zone Group, while sales fell 3% to £239m in 2010 because of tough trading conditions.
The retailer described it as a successful period and said it remained “committed to offering low prices and will continue to enforce its competitive advantage”.
Shoe Zone refitted 39 stores and opened a net six stores, bringing its total to 565. It plans to continue investing in refits in 2011 and aims to diversify through “additional online channels”.
The group anticipates a stronger sales performance over 2011.
Shoe Zone said it was also investing in recruitment, training and development to “strengthen and extend” its customer service.