Footwear giant steps back into profit

Shoe Zone, the Leicester-based footwear retailer is has swung back to profit after what its chief execiutive has called “a very successful” year.

While revenues declined by £2.5m to £119.1m, Shoe Zone turned a £14.6m loss in 2020 into a profit of £9.5m for the year ending October 2 2021. Online sales during the period soared from £19.3m to £30.5m, while the firm closed 50 unprofitable stores during the year.

Anthony Smith, chief executive, said: “Shoe Zone had a very successful year due to the incredible hard work of our teams, by reducing costs, reducing non-essential capital expenditure, continuing to accelerate investment in our digital business alongside improving and streamlining operations.”