Shoe Zone’s maiden results show profits up but a step back in sales

Kasmira Jefford
Follow Kasmira
DISCOUNT footwear chain Shoe Zone yesterday posted a jump in half-year profits in its first set of results since floating on London’s junior market last month.

The family-run chain, which has 554 shops, said pre-tax profits rose to £2.7m in the six months to 5 April, a large increase from £200,000 in the first half of the last year.

However revenues were down six per cent to £82.9m compared with £98.9m the previous year, which the company blamed on several planned store closures.

Chief executive Anthony Smith said the company had “a good first half” after opening three new stores, revamping 19 shops and launching on Amazon.

“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,” he said.

Shoe Zone shares, which were unchanged yesterday at 176.5p, have stayed above their initial offer price of 160p – unlike many other recently listed firms which have seen shares subsequently slump.