Shoe Zone reports profit rise in maiden interim results
Value footwear retailer Shoe Zone grew its pre-tax profits to £2.7 million in the first half of its financial year from £0.2 million in the same period in the previous year.
In its first interim results since it floated on the stock market, Shoe Zone revealed that revenues declined to £82.9 million in the six months to 5 April 2014 from £98.9 in the same period a year earlier after the planned closure of a number of temporary stores.
During the period, Shoe Zone opened three new stores, relocated two and completed nine refits. It also launched on Amazon which the retailer said was delivering "good results".
Shoe Zone chief executive Anthony Smith said: "The company has had a good first half with profits significantly ahead of the same period last year combined with a high level of cash conversion.
"Our strong market position ensures we are well placed to benefit from any growth in the UK footwear market and the Board continues to look to the future with confidence."
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