Shoe Zone revenues surge as stores reopen

Shoe Zone

150.00p

16:50 18/11/24

-1.82%

-2.78p

Shoe Zone reported a 73% surge in half-year revenues on Tuesday, as stores reopened following the worst of the pandemic and the retailer swung back into the black.

Revenues were £69.9m in the 26 weeks to 2 April, compared to £40.4m a year previously. All the retailer’s 388 shops were open throughout the period, in contrast to the first half of 2021, when stores were open for just 10 weeks.

Store revenues were £58.1m, compared to 2021’s £22.8m, while digital revenue fell to £11.8m from £17.6m, which Shoe Zone called "a more normalised position".

Pre-tax profits were £3.1m compared to a £2.6m loss a year previously, while earnings per share were 5.7p against losses per share of 4.2p in 2021.

Chief executive Anthony Smith said: "The last full year saw the business return quickly to profitability and became debt free again. Trading in the period has continued to be positive, as we build on the strategy announced in October and we believe we are in a strong position."

The retailer did not provide an update on current trading other than to note it was "accelerating store relocations, refits and infrastructure changes at our head office, and further investment in digital".

As at 1230 BST, shares in the AIM-listed firm were down 3% at 145.44p.