Last checked at 24 Oct 2017 07:00
24 October 2017
Shoe Zone PLC
Full Year Trading Update
Shoe Zone PLC (the "Group"), the UK's largest value footwear retailer, reports on trading for the 52 week period to 30 September 2017, prior to entering its close period.
The Group has traded well in the second half of the year and expects to report revenues for the 52 week period of approximately £158 million (2016: £159.8 million), reflecting the continued planned closure of loss making stores. The business continued to develop during the year at pace with continued roll out of the new Big Box stores and expansion into new online channels. Despite the impact of the foreign exchange headwinds that continued through the second half, the Board expects to deliver full year Profit before Tax broadly in line with expectations.
The Group continues to have strong cash conversion and closed the year with an approximate net cash balance of £11.8m (2016: £15.0m).
The Group ended the year with 496 stores, having opened 21 and closed 35 during the period. Within the 21 store openings, six were the continued roll out of the Big Box format with latest format Shoe Zone stores being the remainder.
There have been no significant unexpected changes in the financial position of the Group since the publication of the Interim Report for the half-year ended 1 April 2017.
Shoe Zone will announce Final Results for the 52 weeks to 30 September 2017 on 10 January 2018.
Nick Davis, Chief Executive of Shoe Zone, commented:
"The Group has performed well through the year and I am particularly pleased with the six Big Box stores that we have opened. These have performed in line with initial expectations and the feedback from customers has been extremely positive. There are a further 10 planned Big Box openings in the new financial year and we look forward to updating shareholders on progress at our Final Results in January."
For further information please call:
Shoe Zone plc Anthony Smith (Chairman) Nick Davis (CEO) Jonathan Fearn (CFO)
| Tel: +44 (0) 116 222 3000 |
Numis Securities Limited (Nominated Adviser & Broker) Mark Lander Oliver Cardigan
| Tel: +44 (0) 20 7260 1000 |
FTI Consulting (Financial PR) Jonathon Brill Alex Beagley Eleanor Purdon | Tel: +44 (0) 20 3727 1000 |
About Shoe Zone
Shoe Zone is the largest specialist value footwear retailer, offering low price and high quality footwear for the whole family.
The Group operates from a portfolio of around 500 stores and employs approximately 3,500 employees across the UK and the Republic of Ireland.
Shoe Zone's website, www.shoezone.com, combined with our extensive store portfolio, enables customers to shop via multiple channels.
Shoe Zone sells approximately 20 million pairs of shoes per annum with an average retail price per pair of shoes of around £10. The Group maintains low retail prices due to high volumes ordered, direct sourcing from factories and a low product line count.