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Shares in Shoe Zone PLC jumped on Wednesday as it upped its profit guidance for financial year 2022.
Shares in the Leicester, England-based footwear retailer were up 14% to 176.00 pence each in London on Wednesday morning.
Shoe Zone said that since May, it has seen ‘strong’ margin improvements and cost savings, as a result of rent reductions and good supply chain management. This is expected to continue into the fourth quarter of the company's financial year to October 2, it added.
Therefore, Shoe Zone now anticipates adjusted pretax profit, excluding the profit on the sale of freehold property, to be not less than £8.5 million.
In the first half of the current financial year, the company swung to a pretax profit of £3.1 million, from a loss of £2.6 million a year before.
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