Shoe Zone announces £14.6m loss and new Finance Director

Shoe Zone, the UK's largest value footwear retailer, has announced its full results for financial year 2020, and the appointment of its new Finance Director.

Shoe Zone recorded a loss before tax of £14.6 million and total sales of £122.6 million, a 24.3% drop compared to 2019, laying bare the impact of COVID-19 imposed lockdowns and store closures.

For the 52 weeks to 3 October 2020, digital revenue grew 82% to £19.3m.

The retailer’s product gross margin finished lower at 61.4% compared to 62.7% in 2019, whilst its net cash position was £6.3 million.

Shoe Zone also to announced the appointment of Terry Boot as Finance Director of the company with immediate effect, citing that they "are confident that his considerable experience will strengthen the Board."

Boot replaces Peter Foot who left the business after less than a year in the role.

Boot has over 25 years' experience in the Business to Consumer UK and European retail market having been UK Finance Director and Management Services Director at Brantano and Jones Bootmaker from 2008 to 2016, having previously been Finance Director of Brantano from 1998.

Since 2017, he has been working with The Company of Master Jewellers, a leading UK jewellery buying group, initially in the role of interim Finance Director but most recently as CEO.

Shoe Zone operates from a portfolio of around 430 stores and has approximately 3,000 employees across the UK. The store portfolio consists of over 380 high street stores and over 50 larger Retail Park units, featuring brands such as Skechers, Hush Puppies and Kickers.