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Profits soar to £2.7m as sales decline at Shoe Zone

Value footwear retailer Shoe Zone has reported pre-tax profits of £2.7m for the six months to April 5, up from £200,000 in 2013.

However sales declined by 19% to £82.9m for the half reflecting the planned closure of a number of temporary stores by the company.

The business floated on Aim last month with a share price of 160p, shares are currently trading at 10% higher than this.

During the period Shoe Zone opened three stores, relocated two shops and carried out 19 shop refits.

The business also launched on Amazon in November and has experienced “good results” from the etail platform.

Anthony Smith, chief executive of Shoe Zone 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.”

In the 10 weeks to June 14 Shoe Zone’s like-for-like sales and margins have been in line with management expectations. Online sales are “strong” and ahead of market projections.

The business intends on expanding into new towns and cities in appropriate demographic areas, as well as rolling out its low cost store refit programme and relocating existing stores into bigger locations as leases come up for renewal.

The company currently operates from a portfolio of 554 stores and employs approximately 4,100 employees across the UK and the Republic of Ireland.

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