Shoe Zone has announced a strong trading performance for the year, demonstrating its resilience in challenging economic conditions. The company reported positive results for the 52 weeks following the pandemic, with a significant increase in group revenue. In comparison to the previous year, where Covid-related closures had an impact, group revenue rose by 31.2% to £156.2 million from £119.1 million.

While overall store revenue for Shoe Zone increased to £129.8 million from £88.5 million in the previous year, digital revenue experienced a slight decline. Digital revenue decreased to £26.4 million from £30.6 million, representing 16.9% of the group’s total revenue. The decline in online sales is attributed to the return to normalcy post-pandemic, aligning with the management’s expectations. The product margin remained steady at 61.3%.

During this trading period, Shoe Zone took the opportunity to consolidate its store portfolio. The company now operates out of 360 retail units, a decrease from the previous 410. This includes 271 original Shoe Zone stores, 45 Big Box stores, and 44 Hybrid stores. Shoe Zone is strategically focused on expanding the number of Big Box and Hybrid formats through store relocations and refits. Additionally, the company sold 14 freehold properties during the year, generating a profit of £1.4 million.

Shoe Zone anticipates its adjusted pre-tax profit to be “not less than £11 million” as it experienced positive trading throughout the year, especially during the crucial Back to School period. The company also reported a significant increase in net cash, with £24.4 million compared to the previous year’s £14.6 million.

In summary, Shoe Zone has demonstrated its ability to thrive in uncertain times, delivering strong results and adapting to the evolving retail landscape. The company’s focus on store consolidation and strategic expansion, coupled with its robust financial performance, positions it well for sustained success.

Please find additional information about Shoe Zone’s performance in the links below:
1. Official Shoe Zone Website
2. Retail Gazette Article on Shoe Zone’s Performance