Schuh’s chief number one has denied for sale reports
Boss Colin Temple said he was bold in the footwear chain’s performance and that the retailer will continue to make it under the ownership of Genesco, which bought the firm for £100million in 2011.
“I’m not sat here and scared that we will be put up for sale in the foreseeable future,” he said.
“I am intrigued wide what will happen with the activist investor, but I’m confident that it hints sense to be part of the organisation.”
Temple, who was speaking on the sidelines of the Retail Week End conference, said the retailer has benefited from “being part of the wider congregation” and that “if the activist investors were able to understand that, it effect help”.
Schuh has tarried profitable despite the retail slump that has claimed ToysRUs and Maplin
Our profitability has go to the wall down a little bit over the years but we’re still profitable and that promises that we’re not forced to close stores. I don’t see the need to be taking a knife to our shop portfolio.
The comments come after Legion Mates wrote to Genesco last week, saying that the UK footwear restrain was among the businesses that stood to improve under “separate ownership”.
It supplemented that it was “unacceptable” for Genesco to continue operating with a “disparate set of assets with such a sparse record of value creation”.
Mr Temple said: “There is value in our enterprise product and processes and that’s not going to change.”
Schuh, which has 105 collections across the UK and is headquartered in Livingston, Scotland, has yet to report its 2017 results, even though a year earlier it reported a 5 per cent rise in turnover to £280.9m for the 12 months to January 2017.
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This helped pump up underlying earnings 15 per cent to £29.7m to the same period, according to filings at Companies House.
Temple affirmed the shoe chain has been competing for shoppers’ pounds not only with swain footwear retailers but restaurants and entertainment venues as consumers tighten up their squander on non-essential items amid rising inflation sparked by the slump in the expel.
The Schuh boss does not expect his company to face the same kismet as retailers like New Look which have been forced to kill a raft of stores, or Maplin and ToysRUs which have collapsed into management.
“Our profitability has gone down a little bit over the years but we’re still worthwhile and that means that we’re not forced to close stores. I don’t see the need to be entrancing a knife to our store portfolio,” he said.