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Shoe Zone more than doubles its full year profit

Shoe Zone, the value footwear retailer, has reported that its pre-tax profits more than doubled in the year to 4 October.

GENERAL MERCHANDISE

Shoe Zone more than doubles its full year profit

Shoe Zone, the value footwear retailer, has reported that its pre-tax profits more than doubled in the year to 4 October.

In its first full year results since its debut on the stock market in May 2014, the retailer said pre-tax profits excluding exceptional items rose by 124% to £11.4 million.

After including exceptional costs of £0.9 million, primarily relating to the IPO, group profit before tax was up 106% to £10.5 million.

However, revenue reduced by 10.8% to £172.9 million due to the planned closure of a number of temporary stores.

During the year, Shoe Zone placed a greater emphasis on its 'Back to School' and 'Comfort' shoe ranges. As a result, it saw “extremely strong” trading in August which was the best in the retailer’s history.

Shoe Zone also increased its focus on men's footwear. Its men's multi-buy '2 pairs for £25' offer, which included selected lines throughout the year, performed well and has been extended in recent months.

The retailer ended the year operating from 545 stores. During the year, it opened 17 new stores, including six relocations, and completed 45 store refits. It also closed a number of temporary stores which reduced sales but helped to improve profitability.

Anthony Smith, chief executive of Shoe Zone, said: "I am delighted to report our first full year results as a public company and am very pleased with our strong financial performance.  We have delivered a year of solid profit growth and are continuing to deliver on our self-help strategies outlined at IPO.  

"Despite the well documented warm start to the Autumn/Winter season we believe that 2015 will be a further year of growth for the group. The board continues to see significant opportunities ahead and remains confident that the business will perform in line with market expectations."

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