Value footwear retailer Shoe Zone bounced back into the black last year after reducing levels of discounting and keeping a tight control on costs.
In the 52 weeks to September 29, 2012 Shoe Zone reported pre-tax profit of £8.5m against a loss of £7.6m in the previous period.
Shoe Zone said it was “delighted” with the performance but highlighted that the figures are not comparable with the year before, which only covered 9 months to the end of September, and did not include the retailer’s most profitable three months.
Turnover in the 52 week period jumped from £119.9m to £170.6m as the retailer benefited from an “improved product range and online growth”, according to a Shoe Zone spokeswoman.
The spokeswoman added: “We are halfway through our current financial year which has so far been good for us. We are cautiously optimistic for the months ahead.”
Shoe Zone chief executive Anthony Smith and deputy chief executive Charles Smith said: “We’re delighted with these latest accounts and thank all of our staff for their dedication and contribution.”
The retailer conducted “significant restructuring” last year, closing 131 shops in the last three months of 2012 in order to protect the profitability of the business.
The closures were predominately unprofitable Stead & Simpson stores, the footwear retailer which Shoe Zone acquired five years ago.
It shuttered stores where it had two shops on the same high street as well as those which were loss-making.
Tyler, the company that Stead & Simpson stores trade under, made a pre-tax loss of £704,000 in the year to 1 January, 2011, while sales fell to £53.5m, from £59.3m the previous year, amid “difficult” trading conditions.
The company ended the financial year with 230 Stead & Simpson stores.