Shoe Zone ups profit forecast after ‘exceptional’ month

Shoe Zone, the Leicester-based discount retailer, has bumped up its profit forecasts again after what it is calling “exceptional” month of sales.

The company now expects adjusted profit before tax for the financial year ending 2 October 2023 to be no less than £13.5m – a rise of £3m on its June forecast.

In a statement to the London Stock Exchange this morning (July 12), Shoe Zone said: “Trading has significantly exceeded management expectations due to continued strong demand with volumes up double digit on last year, despite no price increases on our core ranges.

“Alongside exceptional trading, the company has also experienced margin improvements due to the lower container rates and favourable foreign exchange rates with management expecting these improved margins to continue for the rest of the financial year.”