Scottish footwear and accessories retailer, Schuh, has achieved impressive results in the past year, with a significant increase in customer footfall contributing to a 15.9% rise in turnover to £354.5 million. The company’s accounts for the year ending January 2023 highlight a 45% surge in customer footfall, totaling more than 42 million. It is important to note that this exceptional increase can be attributed to the comparison year being heavily impacted by pandemic restrictions, which led to a decrease in physical store visits.
While Schuh experienced growth in physical store footfall, its e-commerce revenues declined by 9.2% on a comparable basis. However, this decline is relatively smaller compared to many other fashion retail firms in the UK post-pandemic. Schuh has emphasized that its online sales remain strong despite the decrease.
The retailer’s financial performance figures reveal a 5.9% increase in EBITDA to £20.6 million and a 15.6% rise in profit before tax to £13.4 million. However, there was an 18.2% decline in net profit, amounting to £10.4 million. Although the specific reason for this decrease was not provided, the company’s accounts show higher costs and taxes.
Schuh, which is owned by US retail giant Genesco, saw a 21% increase in its average number of employees, reaching 3,977 during the year. The company has implemented several growth and customer awareness strategies, including the launch of its loyalty program, expansion of its Schuh Kids store presence, and providing disability-focused training for its store teams.
Overall, Schuh’s strong performance in terms of turnover and footfall reflects a successful year for the Scottish retailer. Despite facing challenges in e-commerce revenues and net profit, the company’s growth initiatives and customer-focused approach position it well for future success.
For more information on Schuh’s financial performance, please visit schuh.co.uk.
To learn more about Schuh’s loyalty program and initiatives, visit schuh.co.uk/loyalty-program.