Shoe Zone raises FY21 profit guidance amid ‘better than expected’ trading
The retailer told shareholders that it now expects profits for the 52-week period to range between £9m and £10m up from a previous guide of £6.5m
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Shoe Zone has raised its pre-tax profit expectations for the full-year ending 2 October 2021 after seeing “better than expected” underlying trading.
The retailer told shareholders that it now expects profits for the 52-week period to range between £9m and £10m up from a previous guide of £6.5m.
In addition, the company concluded in a recent review that it will not be required to recognise approximately £1.5m of “one off” additional pension contributions within its income statement, which helped boost expected profits.
The company said it has also benefited from “favourable” foreign exchange rates, particularly versus the dollar, which added a further revaluation benefit of approximately £400,000 from the previous forecast.
The group is still undergoing the audit review process and said it expects to announce final figures for the full-year period in January 2022.
