Shoe Zone raises profit outlook following strong month of sales
Shoe Zone has raised its profit outlook for a second time in five weeks after experiencing an “exceptional” month of sales.
In a trading update, the value footwear retailer said it now expects adjusted pre-tax profit in the year to 2 October 2023 to come in at not less than £13.5 million.
The company said trading has exceeded management expectations since its last update on 9 June following strong demand from customers. Sales volumes are up double-digit on last year, despite no price increases on core ranges.
The retailer has also achieved margin improvements due to the lower container rates and favourable foreign exchange rates.
In its interim results back in May, Shoe Zone said revenue in the 26 weeks to 1 April increased by 7.9% to £75.4 million.
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