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Big box stores and online boost Shoe Zone profits

Footwear retailer Shoe Zone has announced rising profits and revenues for the six months to 31 March, as its Big Box store format and increasing online sales helped fuel growth.

Revenues inched up 1.1% to £73.7m for the period, while statutory profit before tax reached £1m, compared to £300,000 for the same period in 2017.

Multichannel was particularly strong for the retailer, up 21% to £4.9m. Mobile revenue saw a further boost, up 69% compared to last year – with 79% of all Shoe Zone site visits now coming from mobile devices.

Shoe Zone’s ‘Big Box’ out of town stores contributed £3.1m in sales, with 12 stores currently operating and 10 more set to open by the end of 2018, as the brand rolls out the format across key locations.

Direct sourcing has been a focus on the product side, with 87.1% of the company’s footwear orders now placed directly with factories in an effort to support product margins and control of the supply chain.

Commenting on the results, Nick Davis, chief executive, said: “Our on-going strategic focus on the property portfolio has continued to benefit the group, with careful management of leases and measured opening of core and Big Box stores, taking advantage of the favourable retail rental environment.”

“Trading momentum has continued into the second half, in line with expectations for the full year. With our growth strategy in place, we believe we are favourably insulated against many of the structural sector issues.”

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