Shoe Zone PLC - Leicester, England-based footwear retailer - Says trading since June has "significantly exceeded" management's expectations, with volumes seeing a double-digit rise on the previous year. Margins also have improved thanks to lower container rates and favourable foreign exchange rates, which management expects to continue.
Looking ahead, Shoe Zone now expects adjusted pretax profit for the financial year ending October 2 to be no less than GBP13.5 million. In June, it had guided for GBP10.5 million. It brought in GBP11.2 million in adjusted pretax profit in financial 2022.
Back in May, the firm posted revenue of GBP75.4 million for the 26 weeks ended on April 1, up 7.9% from GBP69.9 million a year before. Pretax profit, however, halved to GBP1.5 million from GBP3.1 million.
Current stock price: 250.00 pence each, up 6.4% on Wednesday morning in London
12-month change: up 47%
By Xindi Wei, Alliance News reporter
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Shoe Zone (SHOE)