Shoe Zone increases annual profit expectations

Footwear retailer Shoe Zone has announced that since the publication of its trading update in July 2022, the company now expects adjusted profit before tax for the financial year to be above £10.5 million.

The new profit is a £1 million increase on the previous £9.5 million reported. The full results are expected to be published 2 October 2022.

The company reported that trading has continued to exceed expectations due to continued strong demand for summer and back to school products throughout August. Shoe Zone also continues to benefit from the margin improvements as outlined in recent trading updates, such as rent reductions and a good supply chain management.

The last full year saw the business return to profitability and become debt free again, following a 73% increase in revenues in its interim results for the 26 weeks to 2 April 2022. The company posted pre-tax profit of £3.1 million for the period, compared to a £2.6 million loss in 2021.

Shoe Zone operates from a portfolio of 368 stores and has approximately 2,700 employees across the UK.

The store portfolio consists of 283 original high street stores containing the core Shoe Zone product range, 40 hybrid high street stores and 45 larger retail park stores, which have additional brands such as Skechers, Hush Puppies and Kickers.