Shoe Zone has posted a rise in full-year profits after ”strong and consistent results throughout the key trading periods.”
Shoe Zone reported pre-tax profits up from £13.6m to £16.2m in the year to September 30 2023, when revenue was up from £156.2m to £165.7m.
The retailer reported store revenue up from £129.8m to £134.8m while digital sales advanced from £26.4m to £30.9m.
Shoe Zone said it achieved ”strong performance from relocated and refitted stores” – since it was trading from 37 fewer branches – and that online was ”driven by an increase in conversion and strong Amazon sales.”
The retailer did not report on trading over Christmas, but chief executive Anthony Smith said there had been “strong and consistent results throughout the key trading periods, particularly in the second half, with strong peak summer and Back to School trading.”
At the end of the financial year, Shoe Zone was trading from 323 shops, having closed 72, opened 35 new stores and refitted 15 existing to its latest formats.
Stores are now on an average lease length of 2.2 years. The retailer has achieved an average rent reduction of 31% on store renewals and said: “Property supply continues to outstrip demand and we expect to take advantage of this environment and significantly improve our property portfolio over the medium term.”
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