UK footwear retailer, Stylo, has reported pre-tax profits of £3.6 million for the year ended 29 January 2005, compared with a loss of £2.9 million in 2004.
The company registered a 4.1% increase in sales to reach £236.8 million compared with £232.6 million in the prior year.
Michael A Ziff, executive chairman, commented: "I am pleased to report a substantial improvement in the trading performance of the group in the year ended January 29, 2005, underpinned by a continuing focus on cash generation and a reduction in the operating costs of running our business. In common with a number of other retailers we are currently experiencing difficult trading conditions due to a downturn in the economy and lower levels of consumer spending. Provided that market conditions justify the investment and we can find suitable properties, the progress that has been made during the year makes us feel confident about opening up to 100 new stores over the next couple of years.”
