Shoe Zone benefits from strong second half performance
Value footwear retailer Shoe Zone has reported strong trading in the second half of its financial year with a good performance both in its stores and online.
In pre-close trading update ahead of its full year results announcement for the 52 weeks to 29 September, Shoe Zone said it expects to report that its revenues for the year will have grown by 1.8% to £161 million.
The retailer said its online channels and both its Big Box and traditional Shoe Zone branded stores had all seen growth as it completed a store rationalisation programme.
Shoe Zone now expects to report a full year pre-tax profit of more than £11 million which is ahead of market expectations. The retailer said it had benefited a stronger revenue and margin performance from its spring/summer ranges in the period, as well from the development of its foreign exchange hedging policy.
At the end of the financial year Shoe Zone had 492 stores after opening 16 and closing 20. Ten of the new stores were in the Big Box format.
Nick Davis, Shoe Zone chief executive, said: “The group has performed well through the year with a particularly strong performance in the second half. Our strategy of growth through Big Box expansion and online channels allied with excellence in the operations of the core Shoe Zone estate provides us with a clear path for the future.”
