Thursday, December 14, 2017

Shoe Zone posts drop in turnover as it closes stores

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Shoe Zone has reported that it expects a drop of four per cent in turnover for the year as it continues to close failing stores.

The footwear retailer closed 42 loss-making shops in the 52 weeks to October 1, but opened 17 in the same period leaving 510 shops throughout the UK.

Despite closures and the decline in overall turnover, the retailer traded well in the second half of the year. 

In today‘s trading update it said revenues would come in at £160 million, down from 2015‘s £166.8 million.

READ MORE: Shoe Zone appoints new CEO amid senior team reshuffle

Nick David, Shoe Zone‘s boss, said pre-tax profit for the period is “broadly in line with expectations” and there was little or no impact felt from Brexit.

Having trailed “big box” stores in three large locations, Davis said the results were encouraging.

“These stores offer customers a different store experience with a wide range of third party brands and the feedback so far has been good,” he added.

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