Value footwear retailer Shoe Zone has seen revenue fall but profits rise in a “good first half” of the year.
Profit before tax for the first half of the year rose to £2.7m from £200,000. But revenue fell to £82.9m in H1 2014 from the H1 2013 figure of £98.8m, Shoe Zone said.
Anthony Smith, Shoe Zone chief executive said: “Profits (were) significantly ahead of the same period last year combined with a high level of cash conversion.” The company said the revenue fall reflected the planned closure of a number of temporary stores.
The company said its aim is to offer low price and high quality footwear for the whole family.
Shoe Zone, which was valued at £80m at 160p a share when it floated in May, has refitted 19 shops and relocated and upgraded two stores to a larger format in the last eight months. It said its online business – which launched on Amazon in November – was performing well.
The company operates from 554 stores and employs around 4,100 members of staff across the UK and the Republic of Ireland.