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Shoe Zone revenue steady after profit warning

Shoe Zone has reported a 0.8% increase in revenues to £161.9m in its pre-close trading update for the 53 weeks to 5 October 2019.

This is up from £160.6m in 2017/18.

The value footwear retailer issued a profit warning in August, which resulted in former CEO Nick Davis’s resignation.

Shoe Zone has 500 stores across the UK. It opened 24 shops in year to 5 October and closed 16. It plans to open another five of its “Big Box” format stores by the end of the calendar year.

Shoe Zone will publish its final full-year results on 8 January 2020, but said it expected pre-exceptional profit before tax to be “in line with revised market expectations”.

CEO Anthony Smith said: “Shoe Zone has ended this difficult year in line with our revised expectations.

“It is early days in the new financial year, but we have been encouraged by the performance so far.

“There are a further 20 Big Box openings planned for the coming year which, alongside our strong digital momentum, will continue to drive growth in the future.”

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