Shoe Zone PLC Full Year Trading Update (3803U)
24 October 2017 - 5:00PM
UK Regulatory
TIDMSHOE
RNS Number : 3803U
Shoe Zone PLC
24 October 2017
24 October 2017
Shoe Zone PLC
Full Year Trading Update
Shoe Zone PLC (the "Group"), the UK's largest value footwear
retailer, reports on trading for the 52 week period to 30 September
2017, prior to entering its close period.
The Group has traded well in the second half of the year and
expects to report revenues for the 52 week period of approximately
GBP158 million (2016: GBP159.8 million), reflecting the continued
planned closure of loss making stores. The business continued to
develop during the year at pace with continued roll out of the new
Big Box stores and expansion into new online channels. Despite the
impact of the foreign exchange headwinds that continued through the
second half, the Board expects to deliver full year Profit before
Tax broadly in line with expectations.
The Group continues to have strong cash conversion and closed
the year with an approximate net cash balance of GBP11.8m (2016:
GBP15.0m).
The Group ended the year with 496 stores, having opened 21 and
closed 35 during the period. Within the 21 store openings, six were
the continued roll out of the Big Box format with latest format
Shoe Zone stores being the remainder.
There have been no significant unexpected changes in the
financial position of the Group since the publication of the
Interim Report for the half-year ended 1 April 2017.
Shoe Zone will announce Final Results for the 52 weeks to 30
September 2017 on 10 January 2018.
Nick Davis, Chief Executive of Shoe Zone, commented:
"The Group has performed well through the year and I am
particularly pleased with the six Big Box stores that we have
opened. These have performed in line with initial expectations and
the feedback from customers has been extremely positive. There are
a further 10 planned Big Box openings in the new financial year and
we look forward to updating shareholders on progress at our Final
Results in January."
For further information please call:
Shoe Zone plc Tel: +44 (0) 116
Anthony Smith (Chairman) 222 3000
Nick Davis (CEO)
Jonathan Fearn (CFO)
Numis Securities Limited Tel: +44 (0) 20
(Nominated Adviser & Broker) 7260 1000
Mark Lander
Oliver Cardigan
FTI Consulting (Financial Tel: +44 (0) 20
PR) 3727 1000
Jonathon Brill
Alex Beagley
Eleanor Purdon
About Shoe Zone
Shoe Zone is the largest specialist value footwear retailer,
offering low price and high quality footwear for the whole
family.
The Group operates from a portfolio of around 500 stores and
employs approximately 3,500 employees across the UK and the
Republic of Ireland.
Shoe Zone's website, www.shoezone.com, combined with our
extensive store portfolio, enables customers to shop via multiple
channels.
Shoe Zone sells approximately 20 million pairs of shoes per
annum with an average retail price per pair of shoes of around
GBP10. The Group maintains low retail prices due to high volumes
ordered, direct sourcing from factories and a low product line
count.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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