The information contained within
this announcement is deemed to constitute inside information as
stipulated under the Market Abuse Regulations (EU) No. 596/2014. It
forms part of United Kingdom domestic law by virtue of
the European Union (Withdrawal) Act 2018. Upon the publication of
this announcement, this inside information is now considered to be
in the public domain
Shoe Zone
plc
("Shoe
Zone" or the "Company")
Trading
Update
Shoe Zone announces that for the
first two months of its financial year and the first half of
December, it has experienced very challenging trading conditions,
principally a weakening of consumer confidence and unseasonal
weather, both of which have decreased revenue and
profit.
Consumer confidence has weakened
further following the Government's budget in October 2024, and as a
result of this budget, the Company will also incur
significant additional costs due to the increases in National
Insurance and the National Living Wage. These additional costs have
resulted in the planned closure of a number of stores that have now
become unviable. The combination of the above will have a
significant impact on our full year figures.
As a result, the Company now expects
adjusted profit before tax for the financial year ending 27
September 2025 to be not less than £5.0m, down from previous
expectations of £10.0m. In addition, and in light of the above, the
Company is not proposing to pay a final dividend for the financial
year ended 28 September 2024.
A further trading update will be
provided alongside the announcement of our FY2024 annual results on
21 January 2025.
For further information please
call:
Shoe Zone PLC
Tel: +44 (0) 116 222 3001
Charles Smith (Chairman)
Terry Boot (Finance
Director)
Zeus (Nominated Adviser and
Broker)
Tel:
+44 (0) 203 829 5000
David Foreman, James Hornigold, Ed
Beddows (Investment Banking)
Dominic King (Corporate
Broking)
About
Shoezone
Shoezone is a Town Centre, Retail Park
and Digital footwear retailer, offering low price, high quality
footwear for the whole family.
Shoezone operates from a portfolio of
297 stores and has approximately 2,250 employees across the
UK.
The store portfolio consists of 112
original high street store and 185 larger format stores. The new
format stores sell additional brands such as Skechers, Hush
Puppies, Rieker and Lilly & Skinner.
shoezone.com combined with the store
network, ensures a full multi-channel offering for great customer
service.
During an average year Shoe Zone sells
13.9 million pairs of shoes per annum at an average retail price of
c.£13.30.