Value footwear retailer Shoe Zone has reported pre-tax profit rocketed to £2.7m from £200,000 in its maiden interim results since floating in May.

However, sales for the six months ending April 5 slipped to £82.9m from £98.9m, reflecting the planned closure of a number of temporary stores, Shoe Zone said.

Shoe Zone floated on AIM in May with shares placed at 160p.

Shoe Zone chief executive Anthony Smith said: “I am pleased to report Shoe Zone’s maiden set of interim results following our admission to AIM on May 23, 2014. The company has had a good first half with profits significantly ahead of the same period last year combined with a high level of cash conversion. 

“Our strong market position ensures we are well placed to benefit from any growth in the UK footwear market and the board continues to look to the future with confidence.”

Shoe Zone said its focus is to offer low-price, high-quality footwear for all the family. Its strategy is to drive awareness of the retailer, expand into new towns and cities, roll out its low-cost store refit programme, relocate some stores, make operational improvements and invest in

Shoe Zone launched on Amazon in November 2013 and said it is achieving “good results”. 

Shoe Zone said in the 10 weeks to June 14 its like-for-likes and margins have been in line with management’s expectations. It said online remains strong and ahead of market growth projections.  

Shoe Zone profits rocket but sales slide in maiden interim results