Shoe Zone posts marginal growth in H1 sales

For the first six month period, Shoe Zone’s profit before tax improved to 2.6 million pounds, while adjusted profit before tax remained flat at 2.5 million pounds. The company's revenues were 76.5 million pounds, up 1.5 percent.

Store revenues decreased by 1.7 million pounds as the company traded out of 27 fewer stores than 12 months ago. Digital sales increased by 2.8 million pounds to 17.1 million pounds.

Gross profit rose to 14.7 million pounds, with a margin of 19.3 percent.

“We continue to accelerate our refit and relocation programme along with further investment in our digital and head office infrastructure. All of these are key to our strategy, and we expect to spend 10 million pounds on capital projects this year and during each of the following two years. Our ultimate goal is 300 new format stores in the medium term,” said Charles Smith, chairman, Shoe Zone Plc in a statement.

The company’s board has proposed an interim dividend of 2.5p per share, which will become payable on August 14, 2024.

Shoe Zone has revised down its original full year profit before tax forecast of 15.2 million pounds to 13.8 million pounds.