Footwear retail group Stylo Plc reported steady progress in its trading performance in the six months to 4 August 2001, with a net loss more than halved at £1.9m compared with a loss of £5.2m last year.

Net sales of £89.3m were £8.2m (8.4 per cent) below last year, but like-for-like sales showed an increase of 0.6 per cent.

In a statement, Michael Ziff, chairman and chief executive, said: "The reduced scale of the business has enabled us to reduce overheads substantially compared with the equivalent period last year. Combined distribution costs and administrative expenses before exceptional items were £5.8m compared with £8.2m last year, an improvement of £2.4m."