The boss of Bradford-based footwear company Stylo insisted there would be no job cuts despite a loss of £7 million.

The interim results for the six months until July 29 showed a 4.4 per cent increase in sales, from £100.1 million to £104.5 million.

But this was offset by a loss after tax of £7 million and an increase in net debt from £30.9 million the previous year to £40.9 million.

Michael Ziff, chairman and chief executive of the Apperley Bridge-based company, attributed the losses to adverse market conditions and strong competition on the high street.

He said: "We just need to carry on with the job we have to do and do it better. There will be no job cuts - not at all."

Share values decreased considerably with a basic loss of 22.37 pence per share. The latest losses follow on from the firm's yearly results in April at which it reported a loss of £2.4 million.

Mr Ziff said: "Whilst the results for the period reflect the economic environment, which continues to be a challenge, like-for-like sales have increased by 1.6 per cent.

"Increased costs in rents, rates, minimum wage levels and energy prices have all contributed to the loss and we now need to work with our suppliers to improve our margins.

"I believe that we have sufficient personal depth of competitively priced quality product to take advantage of any improvements in the retail environment."

Stylo owns high street retailers Barratts, PriceLess discount stores and the Shellys fashion brand.

It employs around 5,000 people across the UK, including 350 at its Apperley Bridge headquarters.

In February, the shoe-maker announced that it was to close its final salary pension scheme in an attempt to reduce the fund's £11 million deficit. The fund has now returned to profitability following a recovery in global equity markets and a one-off payment of £5 million from the company itself.

However this payment also contributed to the downturn in profitability of the firm.

Meanwhile, Stylo has appointed two new board members. Richard Bott is to take over as group director of finance while David Spitz is to become a non-executive director.

e-mail - mark.casci@bradford.newsquest.co.uk