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Shoe Zone profit in line with expectations as sales fall

Value footwear retailer Shoe Zone has announced in a trading update that pre-tax profits for the year to October 4 are expected to be in line with market expectations despite slow September sales.

Sales at the business are expected to be £172.5m, in line with previous guidance, reflecting 17 new store openings and the planned closures of a number of temporary shops. Revenues in 2013 were £193.9m.

The net cash position of the business will be “significantly” ahead of market expectations at £8.5m.

Anthony Smith, chief executive of Shoe Zone, said: “We are delighted to report our profit will be in line with expectations having had the best August in the group’s history followed by a slow September, with a late start to the boot season. I am pleased to report that the boot season is now in full swing and the first two weeks of the new financial year have been good.”

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

In May the business floated on Aim with a share price of 160p.

Shoe Zone will announce its final results on January 14.

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