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High Street

Shoe Zone’s profit more than triples in latest results

Shoe Zone has announced that its profits have more than tripled in its financial results for six months to 31 March 2018.

The value footwear retailer saw statutory profit before tax reach £1m, a marked increase when compared with the £300,000 it posted over the same period in 2017.

Shoe Zone also reported revenue growth of 1.1% to £73.3m up from £72.9m the previous year. Multi-channel sales also increased by 21% to £4.9m.

The company also announced that rent on renewals fell on average by 22%, equivalent to a full year saving of £100,000 as the company “continued its ongoing strategic focus on the property portfolio,” and was “taking advantage of the favourable retail rental environment”.

Nick Davis, chief executive of Shoe Zone, said: “This has been a good first half for the group, trading in line with management’s expectations and achieving profitable revenue growth.

“This good performance also reflects our close management of costs and ability to maintain appealing key price-points and multi-buy offers for our customers. We are delighted that multi-channel revenue has continued to grow profitably, especially via mobile, which remains an ongoing area of development for the business.

“Trading momentum has continued into the second half, in line with expectations for the full year. With our growth strategy in place, we believe we are favourably insulated against many of the structural sector issues and the board remains confident of the outlook for Shoe Zone.”

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