Russell & Bromley sees 55% profit plunge

Footwear retailer Russell and Bromley has reported a 55% fall in benefits in the year to 31 December 2017.

The fall speaks to the organization’s third back to back year of falling benefits after it likewise reported that turnover plunged by 6% to £100.6m over a similar period. The retailer called the difficulties it was looking on the high road, a “cause for worry”, in the midst of a 63% drop in working benefits to £6.6m.

Russell and Bromley said it had alleviated potential misfortunes because of a fall in remote trade rates having canvassed them ahead of time.

In spite of the organization’s ongoing misfortunes, it said in its declaration that the organization was “without obligation and keeps up money adjusts adequate to meet its working capital necessities” adding that it would keep on putting resources into “keeping up its shops to an elevated requirement”.

Russell and Bromley added it was intending to keep searching for new stores and to “defend non-performing stores”.

Russell and Bromley is set to shut down its Oxford Street leader store alongside its Kensington store. While trying to limit costs, the retailer has just shut stores in Bournemouth, Bromley, Salisbury and a Westfield London store concentrated on its youngsters’ range.

Retail Sector has reached Russell and Bromley for input.