Shoe Zone adjusts outlook as spring sales blossom

Value footwear retailer Shoe Zone has raised its adjusted profit before tax for the current financial year, reflecting "strong" trading in May and early June.

The company said that trading has exceeded expectations since releasing its interim results on 16 May 2023.

It has been led by a "combination of strong early demand for summer products and lower container rates contributing to improved margins".

As a result, Shoe Zone now expects adjusted profit before tax for the financial year ending 2 October 2023 to be no less than £10.5 million.

Shoe Zone previously reported a 7.9% increase in revenue to £75.4 million for the 26 weeks to 1 April 2023, with store revenue up 6.8% and digital revenue up 12.7%.

Adjusted profit before tax totalled £2.5 million, compared to £3.1 million in 2022. This reduction was due to inflationary cost increases, but was still slightly above management expectations.