Shoe shop Russell & Bromley has taken an axe to its dividend after profits fell by more than 12 per cent last year.
Accounts recently filed at Companies House show the Kent-based footwear purveyor plans to give its dividend a £3m haircut to £11m after profits and revenue took a hit. Last year Russell & Bromley raised its dividend by £1m to £14.3m.
Revenues for the company dropped 4.5 per cent in 2015 to £115m last year, while profits after tax fell to £16.6m, and the firm’s cash pile fell by more than £1m to £24.2m.
Prime Minister Theresa May is known to be a fan of the shoe seller and has worn a pair to a number of public events, including this year’s Conservative party conference.
UK retail sales have continued to climb since the European Union membership referendum. In November sales volumes were 5.9 per cent higher than a year earlier.