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Competition hits footwear retailer Stylo in cautious mode

May '06
Yorkshire based footwear dealer Stylo's business is hit due to strong wave of competition flowing over high street markets of UK, but not yet given in so far.

Michael Ziff Executive Chairman, son of the late Yorkshire business celebrity Arnold Ziff, described the performance as "unsatisfactory."

He however maintains that firm footing in business with about 5700 staff, the comapny will definitely see progress on the retail market.

Bradford-based Stylo has under wing Barretts, Shelleys, PriceLess and the newly launched retail park idea, Shutopia, as its brands.

The year 2005 demonstrated a loss on normal activities facing tax and special items of £2.4 million, against profits of £4.3 million a year earlier.

After considering special items, losses were poised at £1.1 million against £5.3 million in profits, the year before.

Total sales were flat at £238.1 million (2005: £236.8 million) while like-for-like sales, which dilute effects of store openings and closures, were down to 2.51 percent.

Thus its "no dividend" time for 2005 as the pay-out was 1.25 pence per share.

Stylo announced in February that it was dropping its final salary pension proposal for staff, including Ziff whose pension was estimated to account for £1.4 million of Stylo's £11 million worth pension fund deficit.

The company announced Ziff was taking out a self-administered occupational pension to which no contribution would be made for future.

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