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Shoe Zone PLC - Leicester, England-based footwear retailer online and from 460 stores in UK - Expects to report revenue of GBP122.6 million for financial year that ended October 3, down 24% from financial 2019 but in line with previous guidance. Expects pretax loss of GBP14.6 million, swung from pretax profit of GBP11.3 million and worse than previous guidance. Shoe Zone says the wider-than-guided loss is due to adoption of the IFRS 16 accounting standard governing the treatment of leases and isn't the result of any change in trading guidance. Says has material net cash position, but doesn't provide the amount, and thinks it has sufficient liquidity available to get through current Covid-19 restrictions. Will release full results on March 8.
Current stock price: 55.30, down 4.7% on Thursday
Year-to-date change: down 15%
By Tom Waite; thomaslwaite@alliancenews.com
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