Shoe Zone swings to full-year loss as Covid store closures bite
The UK’s largest value shoe retailer Shoe Zone has reported a loss for the year as the effects of the ongoing coronavirus pandemic begin to bite.
For the 52 weeks to October 3, 2020, Shoe Zone reported a loss after tax of £14.6m and a 24.3% fall in sales to £122.6m.
The retailer’s product gross margin finished lower at 61.4%, while its net cash position was just £6.3m at the end of the trading period.
Chief executive Anthony Smith blamed the wretched results on the ongoing effect of the coronavirus pandemic, which has forced the retailer to close its stores.
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