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Shoe Zone sales fall as it closes loss-making stores

Value footwear retailer Shoe Zone expects to report revenues of £160m for the year ended 1 October, down 4% on the year before.

The fall in turnover reflects the continued planned closure of loss-making stores. The group ended the year with 510 stores, having opened 17 and closed 42.

Shoe Zone said it expects pre-tax profit to be broadly in line with expectations and marginally ahead of last year’s £10.1m. It closed the year with a net cash balance of £15m, up from £14.2m last year. 

The retailer will announce its final results on 11 January.

Chief executive Nick Davis said the firm has seen little impact from the EU referendum in the second half of the year. It traded well through the key back-to-school period.

“We have now opened three ‘Big Box’ stores as part of our trial and the early signs are very encouraging,” he said. “These stores offer customers a different store experience, with a wide range of third-party brands. The feedback so far has been good.”

Shoe Zone sells approximately 20 million pairs of shoes per year, with an average retail price per pair of shoes of £10.09.


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