Shoe Zone raises profit guidance again
Shoe Zone has announced its second trading update in a month, revealing "stronger than expected" trading performance ahead of the publication of its annual results.
The discount footwear retailer said it is "pleased to announced that trading has been stronger than expected due to higher than expected demand for summer products, particularly in the last two weeks."
The company now expects adjusted profit before tax for fiscal year 2022 to be "not less than £9.5 million".
Shoe Zone previously raised its adjusted profit before tax for fiscal year 2022 to be "not less than £8.5 million" in its trading update on 29 June.
Since the publication of its interim results in May, the business has seen "strong" margin improvements and cost savings, as a result of rent reductions and 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 currently operates from a portfolio of 388 stores and has approximately 2,850 employees across the UK.
