Shoe Zone PLC Full Year Trading Update (8908Q)
24 Ottobre 2019 - 8:00AM
UK Regulatory
TIDMSHOE
RNS Number : 8908Q
Shoe Zone PLC
24 October 2019
24 October 2019
Shoe Zone PLC
Full Year Trading Update
Shoe Zone PLC ("Shoe Zone"), the UK's largest value footwear
retailer, operating in town centres, retail parks and online,
reports on trading for the 53-week period to 5 October 2019, prior
to entering its close period.
As previously announced on 30 August 2019, trading conditions in
the second half of the financial year were challenging. However,
the Big Box and Digital growth elements of the company's strategy
have continued to progress strongly.
Shoe Zone is therefore pleased to report it has generated
revenues for the period of approximately GBP161.9 million (2018:
GBP160.6 million) and expects to report pre-exceptional Profit
before Tax for the period in line with revised market
expectations.
Shoe Zone continues to demonstrate strong cash conversion and
closed the year with a net cash balance of GBP11.3m (2018:
GBP15.7m). As referenced in the market update in August, no special
dividend will be paid for the 2018/19 financial year.
Shoe Zone ended the year with 500 stores, having opened 24 and
closed 16 during the period. Within the 24 store openings, 21 were
the continued roll out of the Big Box format, two were high street
stores and one was the new hybrid format. As at the close of the
year 40 Big Box stores are now open, consistent with our target of
45 stores by the end of December 2019.
Shoe Zone will announce its Final Results for the period ended 5
October 2019 on Wednesday 8 January 2020.
Anthony Smith, Chief Executive, commented:
"Shoe Zone has ended this difficult year in line with our
revised expectations. It is early days in the new financial year
but we have been encouraged by the performance so far. There are a
further twenty Big Box openings planned for the coming year which,
alongside our strong Digital momentum, will continue to drive
growth in the future.
We look forward to updating shareholders on progress at the time
of our Final Results in January."
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please call:
Shoe Zone plc Tel: +44 (0) 116 222
Jonathan Fearn (Chief Financial Officer) 3000
FinnCap Limited (Nominated Adviser & Broker) Tel: +44 (0) 20 7220
Matt Goode / Carl Holmes / Hannah Boros 0500
(Corporate Finance)
Alice Lane (ECM)
FTI Consulting (Financial PR) Tel: +44 (0) 20 3727
Jonathon Brill 1000
Alex Beagley
Eleanor Purdon
About Shoe Zone
Shoe Zone is a Town Centre, Retail Park and Digital footwear
retailer, offering low price and high quality footwear for the
whole family.
Shoe Zone operates from a portfolio of around 500 stores and has
approximately 3,500 employees across the UK and the Republic of
Ireland.
The store portfolio consists of over 450 high street stores
containing the core Shoe Zone product range and 40 larger out of
town retail units which also feature brands such as Clarks,
Skechers and Hush Puppies.
The website shoezone.com, combined with the store network
ensures a full multi-channel offering for great customer
service.
Shoe Zone sells 18 million pairs of shoes per annum with an
average retail price per pair of shoes of around GBP10.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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