A leading UK footwear retailer has suffered an 84 per cent fall in profits, it has announced.

Shoe Zone, which has a store in Gloucester, said its statutory profit before tax for the first half of 2017 was £309,000, compared with £1.9million for the same period last year.

It also announced that its revenue had dropped to £72.9million from £74.6million following a reorganisation of its store estate.

Shoe Zone CEO Nick Davis said: ""I am pleased with the Group's performance in the first half as we continued to actively manage the retail estate while driving profitable sales.

"The devaluation of sterling against the dollar has impacted the Group's statutory profits in the period. However, as we reach the annualised rebasing of this rate, we anticipate the ongoing impact will be significantly reduced

"The Group has traded broadly in line with management's expectations since the period end and the Board continues to look to the future with confidence."

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