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Strong second half boosts profits at Shoe Zone
(Sharecast News) - Shoe Zone reported a jump in full-year profits on Monday, boosted by strong summer and back to school trading. Revenues at the retailer increased 6% to £165.7m in the year to 30 September, while pre-tax profits rose to £16.2m from £13.6m a year previously.
In-store revenues rose to £134.8m from £129.8m, while digital sales increased to £30.9m from £26.4m.
Anthony Smith, chief executive, 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."
During the year, Shoe Zone closed 72 stores, opened 35 and refitted 15. It now has a total of 323 shops.
The AIM-listed retailer is proposing a final dividend of 8.9p per share, bringing the total to 11.4p per share, alongside a special dividend of 6p per share.
As at 0930 GMT, shares in Shoe Zone were up 2% at 229.95p.
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