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Shoe Zone sales slip

Value footwear retailer Shoe Zone has posted a dip in sales in preliminary figures for its latest financial year.

In a full-year trading update, Shoe Zone reported revenue of around £158m for the 52 weeks to 30 September, compared with £159.8m during the same timeframe in 2016.

It did not disclose profit figures, but said it expected profit before tax for the year to be “broadly in line with expectations” despite the “impact of the foreign exchange headwinds” seen during the second half of the year.

Net cash stood at approximately £11.8m, down on the previous year’s £15m balance.

The retailer ended the year with 496 stores, after shuttering 35 loss-making stores and opening 21 during the period. Six of these new locations are shops in its “big box” out-of-town format, which it has been rolling out this year.

The business, which said it “traded well” in the second half of the year, is also expanding into new online channels.

Shoe Zone chief executive Nick Davis said: “The group has performed well through the year and I am particularly pleased with the six Big Box stores that we have opened. These have performed in line with initial expectations and the feedback from customers has been extremely positive. There are a further 10 planned Big Box openings in the new financial year and we look forward to updating shareholders on progress at our final results in January.”

 

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