Leicester footwear retailer, Shoe Zone has “delivered a robust performance,” according to interim results for the 26 weeks to 30 March 2024.
Revenue at the business grew to £76.5m, up from £75.4m in the same period of the year prior. This was supported by a 19.6% increase in digital revenue, to £17.1m, while store revenue dipped, down 2.8% to £59.4m.
Adjusted profit before tax meanwhile stood unmoved at £2.5m.
In a statement to the London Stock Exchange, Shoe Zone said: “Shoe Zone delivered a robust performance in the period against a continuing backdrop of consumer uncertainty and macroeconomic volatility. Total revenues increased by 1.5% having traded out of 27 fewer stores compared to 12 months ago, with digital revenue increasing by 19.6%. The performance further demonstrates the resilience of our business and the success of our ongoing strategy.
“Trading over all channels was positive with total revenues of £76.5m (2023 H1: £75.4m), store revenues were £59.4m (2023 H1: £61.1m – trading out of fewer stores), digital revenues were £17.1m (2023 H1: £14.3m) with strong performance across all online channels with additional growth from our online exclusive range and range extensions.
“Adjusted profit before tax was £2.5m (2023 H1: £2.5m), which is in line with management expectations for the period.
“We ended the period trading out of 309 stores, which is a reduction of 27 compared to 12 months ago and 14 lower compared to last year end. In the first half we closed 29 stores, opened 15 new format stores and refitted 15 Original stores to our new format. In total we are now trading out of 147 Original stores and 162 new format stores. We are actively working to relocate and refit further stores in the second half of the year, together with a number of stores currently in the pipeline, opening before Christmas.”
