Shoe Zone posts drop in first half revenues

Value footwear retailer Shoe Zone Plc, in the six months to March 30, 2019, generated revenues of 73 million pounds (92.8 million dollars) compared to 73.7 million pounds in the first half of 2018 and profit before tax of 1 million pounds (1.2 million dollars). Shoe Zone said, statutory earnings per share were 1.65 pence compared to 1.70 pence in 2018. The company’s board has maintained an interim dividend at 3.5 pence per share.

Commenting on the first half trading, Nick Davis, Chief Executive of Shoe Zone plc, said in a statement: “The first half of our financial year has been positive for the group, trading in line with management’s expectations and achieving profitable revenue growth in our two key growth areas of digital and Big Box. Our ongoing strategic focus continues to be on the Big Box roll out with a target of 45 stores by the end of December 2019. Trading momentum has continued into the second half, in line with market expectations.”

The company added that the number of operational Big Box stores has increased by seven to 26 at March 30, 2019 and Shoe Zone is confident of achieving a target of 20 new openings during the current financial year. Big Box stores generated 5.5 million pounds (6.9 million dollars) revenue in the 26 weeks representing 7.6 percent of total turnover compared to 4.4 percent for the full year 2017/18. Digital revenue increased by 4.9 percent to 5 million pounds (6.3 million dollars) and profit contribution grew by 19.9 percent to 1.5 million pounds (1.9 million dollars), comparable revenue growth of 8.3 percent.

Picture:Facebook/Shoe Zone