Further Trading Update

RNS Number : 7949Q

Shoe Zone PLC

01 November 2021

 

The information contained within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. It forms part of United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Shoe Zone plc

("Shoe Zone" or the "Company")

Further Trading Update

Shoe Zone is pleased to announce, that further to their Full Year Trading Update announced on 13 October 2021, that reported profit before tax is now expected to be in the range of £9.0m to £10.0m for the 52 weeks to 2 October 2021 ("13 October Announcement").

Underlying trading has been better than expected and alongside the ongoing year-end review process, the Company has concluded that it will not be required to recognise approximately £1.5m of one off additional pension contributions within its income statement (a non-trading entry). This adjustment has led to an increase in expected profit before tax for the full year. The Company has also benefitted from favourable foreign exchange rates, particularly versus the dollar, which adds a further revaluation benefit of approximately £0.4m from the previous forecast.

The Company is still undergoing the audit review process and expects to announce final audited figures for the 52 weeks to 2 October 2021 in January 2022.

For further information please call:

Shoe Zone PLC  Tel: [phone]

Anthony Smith (Chief Executive)

Terry Boot (Finance Director) 

Zeus Capital (Nominated Advisor and Broker)                                                         Tel: [phone]

Daniel Harris, James Hornigold (Corporate Finance)

Dominic King (Corporate Broking)

About Shoe Zone

Shoe Zone is a Town Centre, Retail Park and Digital footwear retailer, offering low price and high quality footwear for the whole family.

Shoe Zone operates from a portfolio of 410 stores and has approximately 2,850 employees across the UK.

The store portfolio consists of 343 high street stores containing the core Shoe Zone product range and 16 hybrid high street stores and 51 larger Retail Park stores which also have additional brands such as Skechers, Hush Puppies and Kickers.

Shoezone.com, combined with the store network, ensures a full multi-channel offering for great customer service.

During an average year Shoe Zone sells 17 million pairs of shoes per annum at an average retail price of £10.47.

 

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