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Published
Dec 20, 2016
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Russell & Bromley revenue slides in 2015

Published
Dec 20, 2016

Upscale British footwear retailer Russell & Bromley has reported a 4.9% decrease in revenue for the year ended 31 December 2015 and said competition and economic uncertainty left a dent in the business.


Photo: Russel & Bromley

 

The UK company, based in Bromley, Kent (although that is not where the firm's name comes from), said revenue fell by £5.9m to £114.7m in 2015, while profit after tax fell 12.5% to £16.6m.

Due to the UK’s economic uncertainty, the brand has taken the decsision to minimise costs in all parts of the business, and that includes dividends. The company said the dividend will be reduced from £14.3m to £11m as a result of last year’s weaker performance.

Russell & Bromley is still run by members of the founding Bromley family. According to recently-filed accounts, its three directors also saw their salary reduced by more than £30,000 to £1.14m in 2015.

Despite the tougher market conditions, the brand said it will continue to open stores where opportunities arise, “provided shop rents are not at uneconomical levels”. Russell & Bromley has more than 40 stores across the UK.

2016 will perhaps have offered a better picture for the British label, which is a favourite of Prime Minister Theresa May. She has confessed shoes are her biggest extravagance and has been seen wearing Russell & Bromley footwear on numerous occasions.

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