Shoe Zone reports strong revenue and profit growth

For the year to September 30, Shoe Zone revenue of 165.7 million pounds, increased by 6.1 percent.

Shoe Zone said pre-tax profit increased by 19.1 percent to 16.2 million pounds for the period and adjusted pre-tax profit increased by 47.3 percent to 16.5 million pounds, with an earnings per share rising to 27.79p.

The company’s store revenue increased by 3.9 percent to 134.8 million pounds, trading out of 37 fewer stores, with strong performance from the relocated and refitted stores.

Digital revenues increased by 17 percent to 30.9 million pounds, driven by an increase in conversion and strong Amazon sales.

Shoe Zone ended the year trading out of 323 stores including 42 Big Box, 93 Hybrid and 188 Original stores, having closed 72 stores, opened 35 new stores and refitted a further 15 existing stores to our new formats.

This year, the company expects to relocate or open a further 25 stores and continue to close a number of older stores, and refit a minimum of 25 stores to its new formats.

Shoe Zone paid an interim of 2.5 pence per share in August 2023. It is proposed that a final dividend of 8.9 pence per share be paid in March 2024 on the basis of a 40 percent pay-out ratio, totalling 11.4 pence per share. The company’s board will also propose an additional special dividend of 6 pence per share to be paid in March 2024, bringing the total to 17.4 pence per share.