Footasylum, which operates 66 stores, has posted an increase in its half year sales to August 25th, coming in at £98.6 million but recorded a £4 million loss. The increase in sales was largely due to a 29 per cent uplift in online revenues, with wholesale revenues contributing £2.1 million, and store sales growing by 12 per cent. The loss was blamed on lower overall gross margin due to higher clearance activity in stores as well as the investments being made in the business. One new store was opened during the period.
Executive chairman Barry Brown commented: “This has been a difficult trading period for Footasylum as we have contended with tough conditions on the high street and some delays in our programme of new store openings and upsizes ahead of the peak trading period. We are encouraged by the early results and trends that we are seeing from our investments in key areas such as digital and marketing, and see substantial opportunity for further progress across these and other parts of our operations.”
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