Value footwear retailer Shoe Zone is back in the black after delivering a pre-tax profit of £8.5m for the full year to September 29, 2012.
The retailer said tighter cost control and reduced levels of discounting helped it to deliver a profit, compared to a pre-tax loss of £7.6m over a nine month period in 2011.
Turnover in the period jumped from £119.9m to £170.6m as the retailer acquired the assets and trading name of Stead and Simpson from Tyler, a fellow subsidiary company.
As a result Shoe Zone acquired 174 stores from Tyler, closed 28 stores and opened a further 13 stores, taking the total number of stores to 728.
Since the end of the financial year, the retailer has carried out “significant restructuring” during October to November 2012, resulting in the closure of 131 stores, a number of which were loss making.
Current trading is said to be “strong” with the retailer demonstrating a “positive like-for-like” sales performance.