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Shoe Zone posts pre-tax profit of 9.5 million pounds

By Prachi Singh

11 Jan 2022

In the 52 weeks to October 2, 2021, total revenues at Shoe Zone plc were 119.1 million pounds compared to 122.6 million pounds in the previous year with a profit before tax of 9.5 million pounds against loss of 14.6 million pounds in 2020.

The company said in a statement that digital continues to be a key growth area and traded strongly throughout the year generating revenues of 30.5 million pounds compared to 19.3 million pounds in 2020, an increase of 58 percent due to increased revenues from the company’s online exclusive range, Amazon and drop ship partners. Digital gross margins increased to 57.8 percent due to a greater proportion of full priced sales and less markdowns. Digital contribution was 8.5 million pounds, an increase of 89 percent.

The statutory gross profit for the year increased by 27.2 million pounds to 32.5 million pounds, while earnings per share were 14p compared to 23.8p loss per share in the previous year.

Shoe Zone ended the period trading out of 410 stores, having closed a net 50 unprofitable locations, and converted a further 10 existing stores to the new formats. The company operates 343 ‘Original’, 51 ‘Big Box’ and 16 ‘Hybrid’ stores.