Back-to-school demand boosts Shoe Zone
The retailer now expects underlying pre-tax profits to be ‘not less than’ £10.5m for the year to October 2.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.A surge in back-to-school sales has helped retailer Shoe Zone to increase its full-year profit outlook for the third time in as many months.
The discount shoe chain said trading continued to be better than expected during August, with strong demand for back-to-school items and summer shoes boosting business.
Shares jumped more than 10% in morning trading on Wednesday as the company said it now expects underlying pre-tax profits to be “not less than” £10.5 million for the year to October 2.
Shoe Zone had already increased its profit expectations in June and again in July after bouncing back from a battering during the pandemic, helped by a return to normal trading on the high street and a recent heatwave boost for summer sandals and footwear.
It swung to a £9.5 million profit for the year to last October, having sunk to a £14.6 million loss the previous year, while it reported further profits of £3.1 million for the six months to April 2.
The turnaround came after it closed around 50 unprofitable stores during the last financial year.
Shoe Zone has also boosted trade after opening new “big box and hybrid” format stores from its original smaller formats.
The move has seen the business relocate to better sites and enabled the firm to stock a greater range of styles.