Companies

Shoe Zone raises full year guidance

Jul 24, 2023 United Kingdom

The UK-based footwear retailer has raised its full year profit guidance for the second time in five weeks, following an “exceptional” sales month in June

Shoe Zone reported that, since its latest trading update on the 9^th of June, it “has achieved an exceptional month of sales”. “Trading has significantly exceeded management expectations due to continued strong demand with volumes up double digits on last year, despite no price increases on our core ranges”, reads the latest trading July update.

The retailer added it has also seen margin improvements in the period, due to lower container rates and favourable exchange rates, and expects these improved margins to continue for the rest of the financial year.

As a result, Shoe Zone is now anticipating its adjusted profit before tax for the fiscal year ending on the 2^nd of October “to be not less” than 13.5 million British pounds (15.6 million euros), as compared to the previous guidance of not less than 10.5 million British pounds (12.1 million euros).

In the first half of the current fiscal year, which ended on the 1^st of April, the company “delivered a robust and positive performance (…) against a backdrop of consumer uncertainty and macroeconomic volatility”, said previously the CEO of Shoe Zone, Anthony Smith. Its revenue increased by 7.9% year-over-year to 75.4 million British pounds (87.0 million euros) in this period, despite having traded out of 52 fewer stores compared to 12 months ago.

1 British Pound = 1.15 euros

Image Credits: bbc.co.uk

United Kingdom Footwear Results Retail Shoe Zone