Unseasonal weather impacts Shoe Zone's FY24 results

Shoe Zone revenue in FY24 was 161.3 million pounds, down 2.7 percent due to the unseasonal weather in the second half of the year, particularly peak summer, as well as trading out of 26 fewer stores.

The company expects to report pre-tax profit not less than 9.6 million pounds and adjusted profit before tax of around 9.5 million pounds. The company added that the reduction in profit compared to FY23 is due to the weather impacted second half sales performance and increases in the cost of energy, depreciation, national living wage and container prices in the second half.

Commenting on the full year trading update, Charles Smith, Shoe Zone chairman stated: "A year of two halves, with the first half trading in line with expectations and ahead of the previous year, however, the second half trading was below expectations due to unseasonal weather conditions, particularly at peak summer, however, our key back to school period traded above expectations at the end of the year."

Product margin for the year increased to 62.8 percent.

The company paid a 2.5 pence per share interim payment amounting to 1.2 million pounds in August 2024.

Shoe Zone ended the year trading out of 297 retail stores. The company closed 53 stores, opened 27 and refitted 28.