Back-to-school demand boosts Shoe Zone
A surge in back-to-school sales has helped footwear retailer Shoe Zone to increase its full-year profit outlook for the third time in as many months.
Shoe Zone has announced that since the publication of its trading update in July 2022, the retailer now expects adjusted profit before tax for the financial year to be above £10.5 million.
The new profit is a £1 million increase on the previous £9.5 million reported. The full results are expected to be published 2 October 2022.
The discount shoe chain said trading continued to be better than expected during August, with strong demand for back-to-school items and summer shoes boosting business.
Shoe Zone also continues to benefit from the margin improvements as outlined in recent trading updates, such as rent reductions and a good supply chain management.
The last full year saw the business return to profitability and become debt free again, following a 73% increase in revenues in its interim results for the 26 weeks to 2 April 2022. The company posted pre-tax profit of £3.1 million for the period, compared to a £2.6 million loss in 2021.
Shoe Zone operates from a portfolio of 368 stores and has approximately 2,700 employees across the UK.
