Shoe Zone ups guidance as trading ‘exceeds expectations’
As a result of strong sales in May and June, the company now expects adjusted profit before tax to be not less than £10.5m
Shoe Zone has raised its full-year guidance after recently announcing that trading has exceeded expectations since the release of its interim results on 16 May 2023.
The company said that the improvement is due to “particularly strong recent trading through May and early June” and that “this is a combination of strong early demand for summer products and lower container rates contributing to improved margins”.
As a result, it now expects adjusted profit before tax for the year ending 2 October 2023 to be not less than £10.5m.
In its interim report, the company’s adjusted profit before tax was £2.5m, down from £3.1m in 2022.
Reported revenues increased by 7.9% to £75.4m, with store revenues increasing by 6.8% to £61.1m and digital revenues increasing by 12.7% to £14.3m.
In the interim results, the company reported 17 store openings, six refits and 41 closing down.
