Shoe Zone releases positive results following IPO

 
Sarah Spickernell
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Shoe Zone announces positive initial results (Source: Reuters)

After listing as a public company last month, Shoe Zone has released positive initial results.

Pre-tax profit rose to £2.7m, a large increase from £200,000 in the first half of the last financial year, and earnings per share rose to 3.7p.

There were few signs of disappointment for the UK footwear retailer. Although revenues were down six per cent in the six months ending April 5, this reflected the planned closure of a number of temporary stores.

Prospects continue to be positive with the opening of three new stores and a launch on Amazon that has so far achieved "good results".

The company's chief executive, Anthony Smith, said: "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."

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