Shoe Zone announced a fall in sales this morning, which it said was due to store closures.
For the year ended 30 September, sales fell from £159.8m to £158m, a drop of 1.1 per cent. Net cash fell 27.1 per cent, from £15m to £11.8m.
Why it's interesting
Shoe Zone said its sales drop was attributable to its closure of loss-making stores. However, the retailer did not provide a figure for its like-for-like sales.
The firm closed 35 stores over the period, and opened 21, bringing its total number of stores to 496.
It opened six of its new "Big Box" format stores over the year, and said a further 10 were planned for the year ahead.
What Shoe Zone
Nick Davis, chief executive of Shoe Zone, said: "The group has performed well through the year and I am particularly pleased with the six Big Box stores that we have opened. These have performed in line with initial expectations and the feedback from customers has been extremely positive."