Shoe Zone ups FY profit outlook

UK footwear retailer Shoe Zone has upped its full-year profit guidance following stronger-than-expected trading in recent weeks.

It now expects FY22 adjusted profit before tax to be at least 9.5 million pounds, compared to a previous estimate of 8.5 million pounds.

In a brief statement Tuesday, the company said: “Shoe Zone is pleased to announce that since the publication of its trading update on June 29 2022, trading has been stronger than expected due to higher than expected demand for summer products, particularly in the last two weeks.”

It also said it has “continued to experience margin improvements as a result of good supply chain and cost management.”

In its most recent trading update for the 6 months to April 2, Shoe Zone reported a profit before tax of 3.1 million pounds compared to a loss of 2.6 million pounds a year earlier.

In the same period, its revenue surged 73 percent to 69.9 million pounds.