Shoe Zone Reports Significant Profit Decline

Shoe Zone PLC has reported a 2.7% decline in revenue to £161.3 million for the year ending September 28, 2024, primarily due to unseasonal weather and a reduction in store numbers, which decreased from 323 to 297. Pre-tax profits fell sharply by over 40%, expected to be not less than £9.5 million, down from £16.5 million the previous year. Chairman Charles Smith noted a 'year of two halves,' with the first half performing well while the second half suffered from adverse weather conditions, though the Back to School period showed better-than-expected results. The company has also been investing in store refits, spending £9.4 million on upgrades as part of their ongoing strategy. Despite these challenges, Shoe Zone's digital business has seen growth, aided by the introduction of free next day delivery. Overall, the retailer's share price has taken a significant hit, reflecting ongoing pressures in the high street environment.