Shoe Zone finance director Foot quits after seven months

In a short statement to the London Stock Exchange, the footwear retailer said the decision was effective immediately, but added Foot’s departure would “not have any impact on the company's year-end results, to be announced on 8 March 2021". Shares in the company fell 6.3 percent on the news.

“The board has started the search for a replacement and a further announcement will be made in due course once an appointment has been made,” Shoe Zone said without any other details. It did not respond to a request for further comment.

In a statement last week, Shoe Zone said it expected wider full year losses due to a new accounting standard and stressed current guidance remained unchanged.

The company forecast revenue of about £122.6m, in line with guidance and down from £162m in 2019, and a statutory loss before tax of approximately £14.6m compared with a pre-tax profit of £11.3m year on year.

It added that the group has a “material net cash balance sheet position” and continues to anticipate “sufficient liquidity … assuming there are no further material Covid-19 related restrictions mandated by the government over and above those already known”.