Last checked at 25 Oct 2016 07:00
25 October 2016
Shoe Zone PLC
Pre-close Trading Update
Shoe Zone PLC (the "Group"), the UK's largest value footwear retailer, reports on trading for the 52 week period to 1 October 2016, 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 £160 million (2016: £166.8 million), reflecting the continued planned closure of loss making stores. The Group ended the year with 510 stores, having opened 17 and closed 42 during the period.
The Board expects pre-tax profit for the period to be broadly in line with expectations and marginally ahead of the prior year. The business continues to have strong cash conversion and closed the year with an approximate net cash balance of £15.0m (2015: £14.2m).
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 2 April 2016.
Shoe Zone will announce Final Results for the 52 weeks to 1 October 2016 on 11 January 2016.
Nick Davis, Chief Executive of Shoe Zone, commented:
"I am pleased with the Group's performance in the second half of the year, during which we have seen little impact from the EU Referendum while having traded well through the key Back to School period. We have now opened three Big Box stores as part of our trial and the early signs are very encouraging. These stores offer customers a different store experience with a wide range of third party brands and the feedback so far has been good. We look forward to updating shareholders on progress at the Final Results in January."
For further information please call:
Shoe Zone plc Anthony Smith (Chairman) Nick Davis (CEO) Charles Smith (COO) Jonathan Fearn (FD)
| 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 over 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 £10.09. The Group maintains low retail prices due to high volumes ordered, direct sourcing from factories and a low product line count.