Shoe Zone PLC (“Shoe Zone”), the UK’s largest value footwear retailer, operating in town centres, retail parks and online, reports on trading for the 53-week period to 5 October 2019, prior to entering its close period.
As previously announced on 30 August 2019, trading conditions in the second half of the financial year were challenging. However, the Big Box and Digital growth elements of the company’s strategy have continued to progress strongly.
Shoe Zone is therefore pleased to report it has generated revenues for the period of approximately £161.9 million (2018: £160.6 million) and expects to report pre-exceptional Profit before Tax for the period in line with revised market expectations.
Shoe Zone continues to demonstrate strong cash conversion and closed the year with a net cash balance of £11.3m (2018: £15.7m). As referenced in the market update in August, no special dividend will be paid for the 2018/19 financial year.
Shoe Zone ended the year with 500 stores, having opened 24 and closed 16 during the period. Within the 24 store openings, 21 were the continued roll out of the Big Box format, two were high street stores and one was the new hybrid format. As at the close of the year 40 Big Box stores are now open, consistent with our target of 45 stores by the end of December 2019.
Shoe Zone will announce its Final Results for the period ended 5 October 2019 on Wednesday 8 January 2020.
Anthony Smith, Chief Executive, commented:
“Shoe Zone has ended this difficult year in line with our revised expectations. It is early days in the new financial year but we have been encouraged by the performance so far. There are a further twenty Big Box openings planned for the coming year which, alongside our strong Digital momentum, will continue to drive growth in the future.
We look forward to updating shareholders on progress at the time of our Final Results in January.”
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