Shoe Zone FY profits grow as 'positive' momentum continues

Shoe Zone said group revenue had increased 6.1% to £165.7m, while adjusted pre-tax profits were expected to be no less than £16.0m, up from £11.2m in the previous year.

Store revenue was up from £129.8m at £134.8m, while digital revenues rose from £26.4m to £30.9m. Store numbers shrank from 360 to 323 and product margins improved to roughly 62.1% from 61.2%.

The AIM-listed group added that net cash had dropped slightly, to £16.4m from £24.4m a year earlier, principally due to £8.2m in dividends paid out and £6.4m of share buybacks enacted.

Chief executive Anthony Smith said: "I am pleased to announce that Shoe Zone has had a strong year, continuing the momentum gained from the positive year we had in 2022.

"Shoe Zone continues to show how resilient it is, with a proven track record of delivering robust results during times of economic uncertainty."

As of 0845 BST, Shoe Zone shares were up 8.71% at 231.0p.

Reporting by Iain Gilbert at Sharecast.com