Shoe Zone returns to profitability in FY21

Shoe Zone has returned to profitability during the 52-week period ended 2 October 2021, as the retailer saw pre-tax profits grow to £9.5m, up from a £14.6m loss the previous year.

However, it reported that revenue dipped slightly to £119.1m, down from £122.6m in FY20, as a result of disrupted trading over the period.

The group’s digital presence reportedly continues to be a “key growth area” generating revenues of £30.5m (2020: £19.3m), an increase of 58%. 

During the period, the retailer traded out of 410 stores, having closed a net 50 unprofitable locations, and converted a further 10 existing stores to new formats. 

The company stated: “We have seen over the last 18 months a reduction in store numbers as we have exited unprofitable locations.

“We will continue to roll out our successful ‘Big Box’ and ‘Hybrid’ formats by targeting key towns for conversion or relocation.”

It added: “Overall, we anticipate trading from a similar sales square footage, albeit from a reduced number of locations.”