Shoe Zone expects full-year profit to exceed pre-pandemic level

Mon, 01st Nov 2021 09:17

(Alliance News) -Â Shares in Shoe Zone PLC on Monday got a boost as it raised guidance following better-than-expected trading, now anticipating profit to top pre-pandemic levels.

Shares in Shoe Zone were up 8.4% at 98.11 pence in London Monday morning.

The footwear retailer said pretax profit for the financial year ended October 2 is expected to be in a range of GBP9.0 million to GBP10.0 million. The firm had previously guided to profit of at least of GBP6.5 million.

This new range would be a significant improvement from the GBP14.6 million loss reported for the 2020 financial year, and would also top the profit of GBP6.7 million reported for the pre-pandemic 2019 financial year.

The retailer highlighted that underlying trading has been better than expected, and it has also benefited from foreign exchange tailwinds, particularly against the dollar.

It also has concluded that it will not have to recognise GBP1.5 million of one-off additional pension contributions within its income statement.

By Lucy Heming;Â lucyheming@alliancenews.com

Shoe Zone