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Shoe Zone posts loss as sales plunge 41%
StockMarketWire.com
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Footwear retailer Shoe Zone posted a first-half loss after revenue was hurt by pandemic-related store closures.
Pre-tax losses for the six months through 3 April amounted to £2.6 million, compared to year-on-year losses of £2.5 million.
Revenue fell 41% to £40.4 million after all of the company's stores were closed for a minimum of 16 weeks during the reporting period.
Shoe Zone did not declare an interim dividend.
The company reduced the size of its store estate by 38 stores to 422. A full review of individual store viability was continuing, it added.
'We enter the second half of the financial year with the hope that we have seen the worst of the Covid-19 impact and look forward to the stores getting back to what we would call 'normal' trading conditions, with no further lockdowns,' chief executive Anthony Smith said.
'No stores were open in the first two weeks of the second half,' Smith added.
'Trading started strongly but has settled down to a more mixed picture of good High Street and retail park sales but weaker shopping centre performance.'
Story provided by StockMarketWire.com
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