Shoe Zone posts sales and profit growth

Shoe Zone has reported a 6.1 percent increase in full-year revenue to 165.7 million pounds, driven by strong second-half trading particularly in the peak summer and key back-to-school periods.

The company expects to report adjusted profit before tax to be not less than 16 million pounds for the year under review, it announced Tuesday.

Commenting on the trading update, Shoe Zone’s chief executive, Anthony Smith, said: “I am pleased to announce that Shoe Zone has had a strong year, continuing the momentum gained from the positive year we had in 2022.

“We continue our strategy to expand our hybrid and big box formats via refits and relocations and new stores.”

Strong digital growth at Shoe Zone

The company’s digital revenue jumped 17 percent to 30.9 million pounds, and represented 18.7 percent of total group revenue.

Shoe Zone said the continuing online growth is validation of its ongoing investment in the digital platform.

Product margin for the year increased to 62.1 percent.

Shoe Zone paid a 2.5 pence per share interim dividend amounting to 1.2 million pounds in August. The company added that a final dividend will be proposed in January 2024 alongside its final results.

The company ended the year trading out of 323 retail stores. It closed 72 stores, opened 35, and refitted 15 stores during the year. The total comprises 188 original Shoe Zone stores, 42 Big Box stores, and 93 Hybrid stores.