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Shoe Zone has warned that its trading is marginally below expectations, due to an increase in National Living Wage and higher costs caused by the ongoing Suez Canal situation.
At its annual general meeting on 12 March the group also reported a slower than expected end to its Autumn/Winter season.
Anthony Smith, chief executive of Shoe Zone, said: “The last financial year was another successful year of further growth, in which we continued to execute our store refit and relocation programme.
“At this stage of our financial year, trading is marginally below expectations, due to a higher than expected increase in the National Living Wage, an increase in container costs due to the ongoing situation in the Suez Canal, higher costs associated with upgrading our property portfolio and the impact of a slower than expected end to our Autumn/Winter season.”
According to its financial results for 52-week period to 30 September 2023, the group’s revenues increased to £165.7m and its pre-tax profit also rose to £16.2m from £13.6m in the prior year.
The group attributed this positive growth to strong sales of summer and back to school items.
