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Shoe Zone swings to profit

Footwear retailer Shoe Zone has swung to a profit in its first half after it benefited from strong in-store and online sales. In the six months… View Article

FASHION

Shoe Zone swings to profit

Footwear retailer Shoe Zone has swung to a profit in its first half after it benefited from strong in-store and online sales.

In the six months to 2 April, pre-tax profit came in at £3.1 million compared to a loss of £2.6 million a year earlier.

Revenue was also up, climbing by 73% to £69.9 million. This comprised £58.1 million in store revenue and £11.8 million in online sales. However, Shoe Zone said sales in the digital channel more than doubled on a two-year basis.

The retailer ended the period with 388 stores after closing 30 ‘original’ format stores in line with the strategy announced last October. It also opened eight stores in its new ‘hybrid’ format.

Shoe Zone said it is currently accelerating store relocations and refits, as well as infrastructure changes at its head office. It is also investing further in its online capabilities.

Anthony Smith, chief executive of Shoe Zone, said: “Trading in the period has continued to be positive as we build on the strategy announced in October last year  and we believe we are in a strong position. The rapid recovery of our business is due mainly to the continued support of our loyal and committed staff.”

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