Shareholders set for windfall after Shoe Zone profits boost

Shoe Zone, the Leicester-based value footwear retailer, says it full year profits will be higher than it expected and will exceed £11m.

The company says it has “traded well” in the second half of its financial year to 29 September, with revenues up just over £3m to £161. It puts this down to a stronger revenue and margin performance from the spring/summer ranges as well as benefiting from progress achieved through the further development of the Group’s foreign exchange hedging policy. It will issue a special dividend of £4m to shareholders in March next year.

Nick Davis, chief executive of Shoe Zone, said: “The Group has performed well through the year with a particularly strong performance in the second half. Our strategy of growth through Big Box expansion and online channels allied with excellence in the operations of the core Shoe Zone estate provides us with a clear path for the future. I am particularly pleased that the continued strong cash conversion has enabled the board to outline its intention to propose its third special dividend.

“The new financial year has started well and there are a further 14 Big Box openings planned. We look forward to updating shareholders on progress at the time of our Final Results in January.”

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