Shoe vendor takes steps in the right direction with £9m profit

A shoe retailer has announced profits for the 52 weeks to 2 October 2021 from £9m to £10m.

According to Shoe Zone, underlying trading has been better than expected and alongside the ongoing year-end review process, the Company has concluded that it will not be required to recognise approximately £1.5m of one off additional pension contributions within its income statement.

This adjustment has led to an increase in expected profit before tax for the full year.

The Company has also benefitted from favourable foreign exchange rates, particularly versus the dollar, which adds a further revaluation benefit of approximately £0.4m from the previous forecast.

The Company is still undergoing the audit review process and expects to announce final audited figures for the 52 weeks to 2 October 2021 in January 2022.

Shoe Zone operates from a portfolio of 410 stores and has approximately 2,850 employees across the UK.

The store portfolio consists of 343 high street stores containing the core Shoe Zone product range and 16 hybrid high street stores and 51 larger Retail Park stores.

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