Shoe Zone slips into the red after ‘disappointing’ year
Register for free to receive latest news stories direct to your inboxRegister
Shoe Zone. the Leicester-based footwear retailer, has slipped to major losses and seen revenues slump by almost 25%.
The company said this morning (March 8) that it made a loss before tax of £14.6m in 2020, while turnover was down 24.3% to £122.6m.
It is the first time in over 15 years the firm has fallen into the red.
Shoe Zone, which sells around 16 million pairs of shoes a year, closed 50 stores during 2020.
Anthony Smith, chief executive, said: “In my second year back as chief executive, it is disappointing I am reporting on a year impacted by COVID-19. Despite this, there are positives such as the continued growth of digital and the commitment and focus of our loyal employees. The financial pressure caused by COVID-19 has meant we now have debt on the balance sheet for the first time in over 15 years.”
Meanwhile, Shoe Zone has moved to appoint a new finance director.
Former Brantano and Jones Bootmaker man Terry Boot joins the company. Since 2017, he has been working with The Company of Master Jewellers, a leading UK jewellery buying group, initially in the role of interim finance director but most recently as CEO.
Smith said: “We are delighted that Terry has agreed to join Shoe Zone and are confident that his considerable experience will strengthen the board.”