Shoe Zone thanks back-to-school shopping for near 20 per cent profit boost
High street retailer Shoe Zone thanked back to school shopping for a 19.1 per cent jump in profit before tax for the full year.
In an update to markets, the budget footwear provider said profit before tax increased by 19.1 per cent to £16.2m in the year to September.
Revenues of £165.7m were also recorded up from £156.2m in the same period the year before.
In the last 12 months, the firm slashed 72 stores, reducing its portfolio to 323 sites.
The retailer said it was looking to open more “hybrid and big box” stores, located in retail parks, that allow the group to sell more stock and a wider range of footwear options.
So far, the company has 42 Big Box stores and 93 hybrids.
Shoe Zone said today that store revenue increased by 3.9 per cent to £134.8m.
Digital revenues increased by 17 per cent to £30.9m, which Shoe Zone said was driven by an “increase in conversion and strong Amazon sales”.
Anthony Smith, chief executive of Shoe Zone, said: “Shoe Zone had a very positive year, with strong and consistent results throughout the key trading periods, particularly in the second half, with strong peak summer and Back to School trading.
“We continue to accelerate our store refit and relocation programme and to drive our digital strategy on the back of these solid set of results. The hard work completed to reduce costs, streamline operations and accelerate investment, positions us well for the year ahead.”
The firm’s shares have remained stable over the last year, increasing by more than 12 per cent.