THE RETAIL BULLETIN - The home of retail news
Click here
Home Page
News Categories
Commentary
Department Stores
Electricals and Tech
Entertainment
Fashion
Food and Drink
General Merchandise
Grocery
Health and Beauty
Home and DIY
Interviews
People Matter
Retail Business Strategy
Property
Retail Solutions
Electricals & Technology
Sports and Leisure
Christmas Ads
Shopping Centres, High Streets & Retail Parks
Retail Events
People in Retail Awards 2023
THE Retail Conference 2023
Customer Engagement Strategy 2023
Retail HR North 2024
Omnichannel Futures 2024
Retail HR Central 2024
The Future of The High Street 2024
Upcoming Retail Events
Past Retail Events
Retail Insights
Retail Solutions
Advertise
About
Contact
Subscribe for free
Terms and Policies
Privacy Policy
Shoe Zone posts full year loss

Shoe Zone has reported a pre-tax loss of £14.6 million in the 52 weeks to 3 October compared to a profit of £6.7 million in the… View Article

FASHION RETAIL NEWS UK

Shoe Zone posts full year loss

Shoe Zone has reported a pre-tax loss of £14.6 million in the 52 weeks to 3 October compared to a profit of £6.7 million in the prior year.

In addition, revenue was down 24.3% to £122.6 million following the loss of trade from retail stores due to Covid-19.

However, online sales growth was strong with sales in the category climbing to £19.3 million from a previous £10.6 million.    

Anthony Smith, Shoe Zone chief executive, said: “In my second year back as chief executive, it is disappointing I am reporting on a year impacted by Covid-19. Despite this, there are positives such as the continued growth of digital and the commitment and focus of our loyal employees.  The financial pressure caused by Covid-19 has meant we now have debt on the balance sheet for the first time in over 15 years.”

Shoe Zone ended the period operating from 460 stores after opening nine big box shops and one hybrid store. It also closed 50 shops and completed eight refits.

Smith added: “The business model of digital, big box, hybrid and town centre stores remains the same although the percentage contributions of each area are changing fast due to lockdown restrictions, some of which will be a permanent shift.”

 

Email this article to a friend

You need to be logged in to use this feature.

Please log in here

Subscribe For Retail News