Shoe Zone trims profit forecast amid tough trading conditions
Shoe Zone has reported its interim results for the 26 weeks ending March 29, 2025 with revenues down by 6.5 percent to 71.5 million pounds, largely due to trading out of 31 fewer stores compared to the same period last year.
Looking ahead, Shoe Zone has revised its full-year profit before tax forecast from an original 10 million pounds down to 5 million pounds. This adjustment considers the difficult trading conditions experienced in the first quarter and additional national insurance and National Living Wage costs in the second half. The Board did not propose an interim dividend.
Chairman Charles Smith said in a statement, 'The second quarter has shown improvement, but the trading environment continues to be difficult as consumer confidence continues to be low. During the second quarter, we have seen more stability/reduction in the price of containers, and a strengthening of sterling against the dollar, both of which will start to benefit in the second half of this financial year.'
Store revenue of 53.3 million pounds declined by 10.3 percent. However, digital revenue showed strong growth, increasing by 6.4 percent to 18.2 million pounds, buoyed by initiatives like the introduction of free next-day delivery on all Shoezone.com orders.
The company reported an adjusted loss before tax of 2.6 million pounds. The decline is attributed to challenging trading conditions, particularly in the first quarter, impacted by dampened consumer confidence and unseasonal weather.
Shoe Zone continued its strategic store transformation, ending the period with 278 stores, a reduction of 31 year-on-year. The company's focus remains on relocating and refitting more stores in the second half of the year, with a long-term goal of operating approximately 260 stores in total.
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