Footasylum pre-tax profit plummeted 75% to £2.8m in its last financial year, despite an increase in sales.
Operating profit also dropped more than 50% for the full year to 28 January 2023.
The footwear retailer partially attributed the plunge to the termination of Covid government reliefs that helped the firm last year.
Despite the drop, gross profit at the company rose nearly 5%, while year on year sales nudged up 6% thanks to an increase in store sales.
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Gross margin was down by 0.5 basis points, as a result of ongoing cost pressures and supply chain disruptions.
The sportswear retailer said: “Footasylum is not immune to the widely reported challenges to physical retail in the UK, we remain conscious of the headwinds that prevail at this time including the general macro-economic and geopolitical situation and global inflation.”
It continued: “For 2024, the group is planning to increase its store base and store performance, with continued growth in profitability.”
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