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Shoe Zone swings to loss as lockdowns hurt sales
StockMarketWire.com
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Footwear retailer Shoe Zone swung to a full-year loss and scrapped its dividend as the pandemic and associated lockdowns crunched sales.
Shoe Zone also announced the appointment of Terry Boot as finance director following the recent departure of Peter Foot, who had only spent seven months in the role.
Pre-tax losses for the year through 3 October amounted to £14.6 million, down from £6.7 million year-on-year, as revenue slumped 24% to £122.6 million.
Margins also suffered, with Shoe Zone's product gross margin contracting to 61.4%, back from 62.7%.
Shoe Zone said all its shores were closed and it remained unable to forecast accurately due to current uncertainties.
'Our experienced management team continues to make the right decisions as new issues arise,' the company said.
'However, we look forward to our customers returning to our stores on or after 12 April (England only), combined with our digital platforms continuing to perform well.'
Story provided by StockMarketWire.com
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