Shoe Zone posts drop in H1 revenue, pre-tax loss widens
18 May 2021
In the six months to April 3, 2021, Shoe Zone PLC generated revenues of 40.4 million pounds compared to 68.9 million pounds in the first half of 2020 and a loss before tax of 2.6 million pounds compared to 2.5 million pounds last year. In the period, the company’s digital sales rose to 17.6 million pounds, however the store deficit was 40.5 million pounds compared to last year.
“We have had to adapt and reshape our business to react to extremely difficult trading conditions. We enter the second half of the financial year with the hope that we have seen the worst of the Covid-19 impact and look forward to the stores getting back to what we would call “normal” trading conditions, with no further lockdowns,” said Anthony Smith, Shoe Zone CEO.
The company said in a statement that the reduction in revenue over the prior year reflects the continued impact of Covid-19. The company experienced significant disruption in the supply chain and a fall in consumer spending for a significant number of months in the period, particularly in January, February and March when all stores were closed.
The company currently operates from a portfolio of around 422 stores.