Shoe Zone turnover dips as store closures continue

SHOE Zone, the Leicester-based shoe retailer, has said it expects full year turnover to be slightly down on last year at £160m, as it continues to close loss making stores.

In a trading update for the year to October 1, the group said it has traded well in the second half of the year, despite the 4% fall in turnover. Pre-tax profits will be marginally ahead of the prior year.

The group ended the year with 510 stores, having opened 17 and closed 42 during the period.

Nick Davis, chief executive of Shoe Zone, said thr group had seen little impact fromt he EU referendum and had seens trong trading through the back to school period.

He added: “We have now opened three Big Box stores as part of our trial and the early signs are very encouraging. These stores offer customers a different store experience with a wide range of third party brands and the feedback so far has been good.”

The business closed the year with a net cash balance of £15m (2015: £14.2m).