Shoe Zone full year profits to be in line with expectations
Value footwear retailer Shoe Zone has said it expects its full year pre-tax profit to be broadly in line with expectations and marginally ahead of the previous year.
In a pre-close trading statement, the company said it had traded well in the second half of its financial year and expects to report revenues for the 52 weeks to 1 October of approximately £160 million compared to £166.8 million in the prior year.
Shoe Zone said the decline reflected the continued planned closure of loss making stores after it ended the year with 510 stores, having opened 17 and closed 42 during the period.
Nick Davis, chief executive of Shoe Zone, said: “I am pleased with the group’s performance in the second half of the year, during which we have seen little impact from the EU Referendum while having traded well through the key Back to School period.
“We have now opened three Big Box stores as part of our trial and the early signs are very encouraging. These stores offer customers a different store experience with a wide range of third party brands and the feedback so far has been good.”
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