Hotter Shoes online sales rise “despite Brexit and Covid-19 uncertainty”

Hotter Shoes trading update Ian Watson covid-19 pandemic
In July, Hotter's creditors approved of the footwear retailer’s CVA proposals
// Hotter Shoes has seen online sales rise 27% in the six weeks to December 31
// Sales on Black Friday weekend were up 24% year on year, compared to 2019
// Full-year turnover was £45m for the period

Hotter Shoes has reported a 27 per cent increase in its online sales year-on-year in the six weeks to December 31.

The shoe retailer did not disclose store sales for the period but said sales on Black Friday weekend were up 24 per cent year on year, compared to 2019.

Full-year turnover was £45 million for the year to the end of December.

READ MORE: Hotter Shoes owner runs to exit as it plots sale of business

Hotter Shoes said it expects turnover to grow by 26.6 per cent to £57 million in the year to December 31, 2021.

In July, Hotter’s creditors approved of the footwear retailer’s CVA proposals, which will see it permanently shut 46 stores across the UK.

The retailer aims to reduce its store portfolio and change the terms of rental payments. While a “number” of redundancies will take place, the retailer said at least 350 jobs have been saved.

“Despite the uncertainty and tough retail environment brought on by both Brexit and the coronavirus pandemic over the last 12 months, we have had a strong year,” Hotter chief executive Ian Watson said.

“We expedited our five-year business strategy to meet the demands of the changing retail landscape and our growing digital base, and as a result we were able to report a strong surge in online sales for 2020. 90 per cent of new customers over the past 12 months have been acquired through our digital channels.

“The CVA was a difficult but necessary decision, reducing our physical retail exposure by 75 per cent and placing the business on a strong footing to navigate the current retail conditions and remain a profitable and scalable business. Without this move, we would be in a very different position today.”

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