Record profits at value shoe retailer
Profits at Leicester value shoe retailer Shoe Zone have risen on the back of “strong trading”.
The firm said this morning (9 January) that profits were up from £9.5m to £11.3 for the year-ending 29 September 2018 – record for the company since it floated in 2014, while revenues rose slightly to £160.6m.
Despite this, Shoe Zone said the outlook for consumer spending “remains challenging” with “difficult economic conditions likely to continue”.
Nick Davis, chief executive of Shoe Zone, said: “I am pleased to report that 2018 has been another successful year for Shoe Zone with the Group delivering a record profit before tax since IPO driven from a strong performance throughout the business while operating in a challenging consumer environment.
“This positive performance is testament to the strength of the core business model and the effective focus on growing the Big Box and Digital channels. As a result of the strong performance, the Board is pleased to again return excess cash to shareholders by way of special dividend.
“We continue to make good progress against our strategic objectives and the Board remains positive about the outlook for the Group. We are incredibly proud of all of our team’s effort in delivering this progress and would like to thank them for all of their hard work.”
