Shoe Zone is a value-oriented footwear retailer that went public in 2014.
It has been streamlining its store portfolio of late, focusing on the development of larger format (Big Box) stores, which are more profitable, as well as developing a more premium Hybrid format for its high street estate, as part of an increased focus on multichannel.
Its store closure programme has been accelerated as a result of the pandemic, with the network reduced from 500 at the end of 2019 to just 360 by the end of the 2022 financial year in September. The retailer also temporarily pressed the pause button on its Big Box opening programme, with the total at around 50 stores, as all non-essential investment was halted after it swung to a £14.6m pre-tax loss in the difficult 2020 financial year.
Sales have yet to fully return to pre-pandemic levels, but increased by 31.1% to £156.2m in FY2022 with operating and pre-tax profits continuing to strengthen after briefly slumping into negative territory in FY2020.
After two very strong years, online sales fell back by 11.6% in FY2022, accounting for 17.3% of total sales.