Shoe Zone expects its revenues to drop by £20m year-on-year as it reshapes its store estate in order to have better-performing shops.
The footwear retailer expects revenues of approximately £172.5m for the 52 weeks ending October 4, down from £193.9m in the previous year.
Shoe Zone chief executive Anthony Smith said the company’s pre tax profits will be in line with expectations after “the best August in the group’s history following a slow September, with a late start to the boot season”.
Its net cash position will be “significantly ahead” of market expectations at approximately £8.5m.
Smith added: “I am pleased to report that the boot season is now in full swing and the first two weeks of the new financial year have been good.”
Shoe Zone is relocating to larger, more prime sites after floating the business in May. Its traditional store size was around 1,250 sq ft, but it is now opening stores between 1,650 sq ft and 2,000 sq ft.
Shoe Zone will announce its final results for the year on January 14, 2015.
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