Shoe Zone's store closure plan to hit revenues

Shoe Zone expects to report revenues of approximately 160 million pounds (195 million dollars) against 166.8 million pounds last year (203 million dollars) in 2016, reflecting the continued planned closure of loss making stores. The Group ended the year with 510 stores, having opened 17 and closed 42 during the period.

"I am pleased with the Group's performance in the second half of the year, during which we have seen little impact from the EU Referendum while having traded well through the key Back to School period. We have now opened three Big Box stores as part of our trial and the early signs are very encouraging,” said Nick Davis, Chief Executive of Shoe Zone.

The company said, the second half trading was positive. The Board expects pre-tax profit for the period to be broadly in line with expectations and marginally ahead of the prior year. The business continues to have strong cash conversion and closed the year with an approximate net cash balance of 15 million pounds (18 million dollars) compared to 14.2 million pounds (17 million dollars), last year.

Picture:Shoe Zone