Pavers says store estate review helps revenue grow 9.8%
York-based footwear company Pavers has posted a 9.8% increase in full-year revenue to £91.9m despite facing increased competition from rivals and clothing stores.
It attributed the rise to an ongoing store estate review which resulted in the opening of a number of new stores, some relocations, a few closures and several refurbishments.
“The review was deemed necessary to ensure the future growth of the company,” the family-owned business said in an official report released on Tuesday.
Amid economic headwinds, the business worked hard to retain its margin, and operating profit increased by 10% to £10.9m during the financial year ended 3 February 2018. Pre-tax profit grew by £0.38m to £8.6m.
It said directors were “pleased with the overall performance” of the company and remain positive about its future growth.
Since year end, Pavers acquired the Jones Bootmaker brand and 42 stores in a pre-pack administration deal, and promised to continue to develop the business as a distinct offer separate from the existing Pavers retail business.
In July, Pavers also acquired premium online shoe retailer Herring Goes for an undisclosed sum.
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