Shoe retailer reveals financial turnaround
By Matt Hall | 24th May 2018
Footwear retailer Shoe Zone has reported a 233 per cent jump in pre-tax profits for the six months to March 31 compared to the previous year.
The company, which has more than 500 stores including outlets in Gloucester, Cheltenham, Stroud and Tewkesbury, said profits had risen from £300,000 to £1 million following a turnaround in the group's performance.
The interim results showed a growth in revenue 1.1 per cent to £73.7 million and an increase in multi-channel sales of 21 per cent to £4.9 million.
Shoe Zone employs 3,750 people nationally. The group's chief executive Nick Davis said: "This has been a good first half for the group, trading in line with management's expectations and achieving profitable revenue growth.
"Our on-going strategic focus on the property portfolio has continued to benefit the group, with careful management of leases and measured opening of core and Big Box stores, taking advantage of the favourable retail rental environment.
"This good performance also reflects our close management of costs and ability to maintain appealing key price-points and multi-buy offers for our customers.
"We are delighted that multi-channel revenue has continued to grow profitably, especially via mobile, which remains an ongoing area of development for the business.
Trading momentum has continued into the second half, in line with expectations for the full year. With our growth strategy in place, we believe we are favourably insulated against many of the structural sector issues and the board remains confident of the outlook for Shoe Zone."
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