Last checked at 17 Mar 2020 07:00
17 March 2020
Shoe Zone PLC
("Shoe Zone" or the "Company")
Deferral of dividend payment
The Board of Shoe Zone announces that, following consultation with its advisers, it is taking the prudent decision to defer the payment of the 8.0 pence per share 2019 Final Dividend that was approved at the Company's Annual General Meeting held on 5 March 2020.
It is expected that on 28 April 2020, in addition to providing a half year trading update ahead of the Company's Interim Results on 19 May 2020, the Board will announce the intention to convene a General Meeting in May 2020, at which a resolution will be proposed to cancel the 2019 Final Dividend.
In recent days we have seen a reduction in footfall, across our estate, and whilst the full extent of the Coronavirus on the short and medium term retail environment is not yet clear, it is becoming ever more apparent that it will create significant disruption to people's lives and shopping habits in the coming months. The decision to defer and take steps to propose the cancellation of the 2019 Final Dividend has been taken with the unanimous backing of the Board and is one of number of appropriate measures being implemented to conserve the Company's cash balances and ensure the robustness of the business to protect it from a sustained period of challenging trading.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information, please contact:
Shoe Zone plc Anthony Smith (Chief Executive) Jonathan Fearn (Chief Financial Officer) | Tel: +44 (0) 116 222 3000 |
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FinnCap Limited (Nominated Adviser & Broker) Matt Goode / Carl Holmes / Hannah Boros (Corporate Finance) Alice Lane (ECM) | Tel: +44 (0) 20 7220 0500 |
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FTI Consulting (Financial PR) Alex Beagley Eleanor Purdon Alice Newlyn | Tel: +44 (0) 20 3727 1000 |
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 45 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 £10.