Shoe Zone has announced that Peter Foot, its finance director, has left the company with immediate effect.
The board has reportedly started the search for a replacement, with a further announcement due to be made once an appointment has been selected.
The departure follows the retailer’s recent FY 2020 expected results, which revealed a predicted statutory loss before tax of approximately £14.6m, an increase from £11.3m in 2019.
The group said it also expects to report revenues of approximately £122.6m, compared with £162m the previous year.
It said the increase in the anticipated loss-before-tax from previous guidance has related to the impact of the company’s recently adopted “new accounting standard, IFRS 16 (Leases)” on the group’s financial statements, and therefore is not a result of any change in trading guidance.
As previously announced, Shoe Zone added it continues to have a material net cash balance sheet position, with the board continuing to anticipate that the group has “sufficient liquidity” available to it.
At the time, Anthony Smith, CEO, said: “Shoe Zone has ended an incredibly challenging year with a robust plan and sufficient funding in place to ensure the future survival of the business.
“However, it is very difficult at this stage to provide meaningful guidance on the future outlook, given the material uncertainty in the wider economy.”
Shoe Zone confirmed Foot’s departure will not have any impact on the company’s year end results, to be announced on 8 March 2021.