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Shoe Zone reports full year loss, appoints new finance director

By Prachi Singh

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Business

In the 52 weeks to October 3, 2020, revenues fell by 24.4 percent at Shoe Zone plc to 122.6 million pounds following the loss of trade from retail stores due to Covid-19. The company ended the year with 460 stores, a net reduction of 40 stores on 2019. Shoe Zone reported loss before tax of 14.6 million pounds against profit before tax of 6.7 million pounds in 2019.

“In my second year back as Chief Executive, it is disappointing I am reporting on a year impacted by Covid-19. Despite this, there are positives such as the continued growth of digital and the commitment and focus of our loyal employees. The financial pressure caused by Covid-19 has meant we now have debt on the balance sheet for the first time in over 15 years,” said Anthony Smith, Chief Executive Officer of Shoe Zone in a statement.

Shoe Zone reports online growth

The company said, digital growth has been strong with revenues of 19.3 million pounds compared to 10.6 million pounds in 2019. Profit contribution from digital increased by 15.3 percent to 4.6 million pounds in the year.

The company added that product gross margin decreased to 61.4 percent due to digital promotional activity during lock-down and a buy one get one free promotion when stores reopened.

Shoe Zone appoints Terry Boot as finance director

The company also announced the appointment of Terry Boot to the board as finance director of the company with immediate effect.

The company further said that Boot has over 25 years’ experience in the business to consumer UK and European retail market having been UK finance director and management services director at Brantano UK Ltd and Jones Bootmaker Ltd from 2008 to 2016, having previously been finance director of Brantano UK Ltd from 1998.

Since 2017, he has been working with The Company of Master Jewellers, a leading UK jewellery-buying group, initially in the role of interim finance director but most recently as CEO.

Image:Shoe Zone, Facebook

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