Shoe Zone share price quickens pace on back of profits boost

Shoe Zone, the Leicester-based footwear retailer, saw its share price rocket on Monday morning after revising upwards its full-year profits forecast.

That 1.30pm on Monday afternoon (November 1), shares in the company where trading at 106.75p – up almosy 18% on their opening price.

The news comes on the back of Shoe Zone issuing a statement on Monday morning that its full-year profits would come in somewhere between £9-10m – a significant rise on forecasts in mid-October when the firm said it would make a £6.5m surplus.

The share price hike remains a far cry from early 2015, when Shoe Zone’s stocks were changing hands for 252p each – but Monday afternoon saw the highest level for over a year and pushed the value of the company over the £50m mark.