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Stylo faces tough economy due to losses

28 Sep '06
1 min read

Shoe retailer Stylo PLC has announced before tax losses of £7 million for July 29 as against £5.58 million last year blaming rise in lease, prices and lowest salary for excess branch prices.

Like-for-like sales increased 1.6 percent and net sales rose 4.4 percent to £104.5 million from £100.1 million.

Stylo is trying to restrict ill effects of rise in lease, prices, low salaries and energy costs on its trade, and it has good seasonal experience of proper price valuable goods to benefit from progress in retail market as stated by Michael A Ziff, Chairman and Chief Executive.

Stylo cautioned that persistence of EU anti-dumping taxes may force it to increase rates.

Present trade circumstances are not favourable. There is an atmosphere of unusual confrontation in the economy, and Stylo is trying to decrease all prices while cautiously handling stocks.

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