Shoe Zone reports dip in sales and profit
Footwear retailer Shoe Zone has reported a dip in sales and profits in the first half of its financial year.
In the six months to 2 April, revenue reduced to £74.6 million from £78.2 million in the same period in the previous year following the closure of 23 loss making and temporary stores.
Pre-tax profit dropped to £1.91 million from the previous £2 million.
During the period Shoe Zone made a significant infrastructure investment at its Leicester distribution centre including new online fulfilment area which has resulted in efficiency savings. It also made good progress with its store portfolio upgrade and rationalisation programme.
Anthony Smith, chief executive of Shoe Zone, said: "I am pleased with the performance of the group in what was another difficult period for the clothing and footwear industry. The Grade 1 format increased by 53 stores in the period and further additions will be made in the second half.
"We are excited to be launching our "Big Box" format in three locations in August. This will allow Shoe Zone to access the important out of town market, creating a new avenue for growth. We will provide an update on this trial at the full year results in January 2017.”
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