Shoe Zone revenues rise 6.1% in FY23 despite store closures

Shoe Zone group revenues rose by 6.1% to £165.7m in the year ended 30 September, despite the retailer trading out of 37 less stores than in FY22.

The group attributed the increase to strong H2 trading, particularly in peak summer and its key back to school period. 

As a result, digital revenues increased 17% on last year’s total, which makes up 18.7% of group revenues. 

According to the retailer, this continuing growth is “validation of the ongoing investment” in its digital platform. 

Adjusted profit before tax is expected to be not less than £16m, an increase from £11.2m in FY22. This is adjusted for £300k profit on sale of one freehold property and a foreign exchange revaluation loss of £600k.

Shoe Zone ended the year with 323 stores, after closing 72 stores, opening 35 and refitting 15. The total is made up of 188 original Shoe Zone stores, 42 Big Box and 93 Hybrid stores. 

The retailer is looking to expand the number of Hybrid and Big Box formats through relocations and refits of existing Shoe Zone stores.

Anthony Smith, chief executive of Shoe Zone, said: “I am pleased to announce that Shoe Zone has had a strong year, continuing the momentum gained from the positive year we had in 2022. We continue our strategy to expand our Hybrid and Big Box formats via refits, relocations and new stores. 

“Shoe Zone continues to show how resilient it is, with a proven track record of delivering robust results during times of economic uncertainty.”

He added: “I would like to thank all of our teams for their continued commitment and hard work that have produced these great results.”