Shoe Zone profits have surged almost 20% thanks to “strong and consistent throughout the key trading periods”.
Pre-tax profits for the footwear retailer soared 19% to £16.2m in the 52 weeks to 30 September.
Sales rose 6% to £165.7m boosted by “a strong second half trading during the peak summer and back-to-school trading”.
Store revenue edged up 3% to £134.8m, which the business attributed to the “strong performance from relocated and refitted stores”, despite trading from 37 fewer shops.
Online sales surged 17% to £30.9m “driven by an increase in conversion and strong Amazon sales”.
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Shoe Zone chief executive Anthony Smith said: “Shoe Zone had a very positive year, with strong and consistent results throughout the key trading periods, particularly in the second half, with strong peak summer and Back to School trading.
“We ended the period trading out of 323 stores, having closed 72 stores, opened 35 new stores and refitted a further 15 existing stores to our new formats.
“As we refit existing stores to our new formats, the branded mix will continue to form a higher proportion of our overall sales.
Shoe Zone expects to open 25 new shops in 2024 and complete a “minimum of 25 store” refits.
The retailer now has an average lease length of 2.2 years for its stores and has achieved an average rent reduction of 31% on store renewals.
Russo added: “Property supply continues to outstrip demand and we expect to take advantage of this environment and significantly improve our property portfolio over the medium term.”
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