Shoe Zone has recorded a slight dip in sales in the preliminary report for its latest fiscal year.
For the 52 weeks ending September 30, the footwear retailer raked in revenue of £158 million, compared to the £159.8 million recorded the year prior.
Its net cash also stood at approximately £11.8 million, less than the previous year’s £15 million balance.
While the preliminary report did not reveal profit figures, Shoe Zone said it expected full-year profit before tax to be “broadly in line with expectations” despite the “impact of the foreign exchange headwinds” seen during the second half of the year.
The preliminary results appear to be a marked improvement on its interim results, when soaring costs saw half-year profits plummet by 84 per cent and sales drop 2.3 per cent.
The value retailer said it also reflected its ongoing strategy that consisted of expanding into new online channels and closing 35 loss-making stores while opening 21 news ones – six of which are in the new “Big Box” out-of-town format. It now operates a total of 496 stores.
“The group has performed well through the year and I am particularly pleased with the six Big Box stores that we have opened,” chief executive Nick Davis said.
“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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