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Shoe Zone sales tripped by store closures

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Footwear chain Shoe Zone said on Tuesday that pre-tax profit in its full financial year should be in line with expectations following a good second half trading period, although revenue will fall on the previous year.

The value footwear retailer, the UK’s largest, said that it expects to announce revenues of £166.8m, down £6.9m from £172.9m the year before, which would reflect the “continued planned closure of loss making stores”. The year ends with 535 stores for the company, which opened 18 and closed 28 during this time.

Shoe Zone, which sells around 20m pairs of shoes a year, suffered a profit warning in April which it blamed on an unseasonably mild autumn and winter. This meant many customers opted for cheaper footwear, such as ankle boots, which sold at £14.99, rather than knee-high boots, in the £19.99 to £24.99 range.

"We experienced tougher than anticipated trading conditions in the first half and whilst we are having to reset expectations for the full year, the Company's proposition is still very strong; we have confidence in our overall strategy and we continue to see significant opportunities ahead," said CEO Anthony Smith at the time.

Published on Tuesday 27 October by Veebs Sabharwal

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