Footwear retailer Footasylum has revealed impressive growth in sales and profits as the company continues to expand.

Figures show that the company saw a 40% increase in sales up to £110 million for the 12 months to 28th February, whilst its gross profits grew 36.6% to £48.5 million.

Helping its successful year, Footasylum opened 10 stores in this period, with plans to open a further 10 stores next year.

John Wardle, chief executive, commented: “During the year, total sales increased 41.6 per cent and like-for-like sales and gross margin remained significantly positive.”

"Set off against positive trading for the year were major changes to infrastructure and in particular warehousing, creating a solid basis for the future progression of the business.

“The group is well funded and maintains its focus and investment in infrastructure and the strength of its management team. The directors also believe the business is well placed to exploit current market opportunities but continue forward on a prudent and cautious basis.”

Despite Footasylum’s success, a report from the ONS shows that the footwear industry is dropping, with sales volumes decreasing 5.4%, as well as spend down a further 5% last month.