Shoe Zone cuts full year guidance
The British footwear retailer has lowered its full year guidance due to continued cost pressures related to container prices and weaker-than-expected sales of its spring-summer collection
Shoe Zone has announced that it now expects adjusted profit before tax for the financial year ending on the 2nd of October to be “not less” than 10.0 million British pounds (11.8 million euros), as compared with a previous guidance of 13.8 million British pounds (16.3 million euros) reported in May.
The retailer said that sales of its spring-summer collection from April to June were weaker than expected due to “unseasonal weather conditions”.
In addition, it continued to face significant cost pressures related to container prices in the past six months, as a direct result of the reduction in the supply of shipping vessels and the ongoing rerouting of shipments away from the Suez Canal.
Due to ongoing tensions in the Middle East, since December 2023, several shipping companies have chosen to divert ships around the Cape of Good Hope to avoid the Suez Canal.
1 GBP = 1.18 EUR
Image Credits: timeout.com
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