REG - Shoe Zone PLC - Trading Update

Shoe ZoneAnnouncement

18/12/2024 07:00

For best results when printing this announcement, please click on link below:
https://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20241218:nRSR4674Qa&default-theme=true

RNS Number : 4674Q  Shoe Zone PLC  18 December 2024

The information contained within this announcement is deemed to constitute
inside information as stipulated under the Market Abuse Regulations (EU) No.
596/2014. It forms part of United Kingdom domestic law by virtue of the
European Union (Withdrawal) Act 2018. Upon the publication of this
announcement, this inside information is now considered to be in the public
domain

 

Shoe Zone plc

("Shoe Zone" or the "Company")

Trading Update

Shoe Zone announces that for the first two months of its financial year and
the first half of December, it has experienced very challenging trading
conditions, principally a weakening of consumer confidence and unseasonal
weather, both of which have decreased revenue and profit.

Consumer confidence has weakened further following the Government's budget in
October 2024, and as a result of this budget, the Company will also incur
 significant additional costs due to the increases in National Insurance and
the National Living Wage. These additional costs have resulted in the planned
closure of a number of stores that have now become unviable. The combination
of the above will have a significant impact on our full year figures.

As a result, the Company now expects adjusted profit before tax for the
financial year ending 27 September 2025 to be not less than £5.0m, down from
previous expectations of £10.0m. In addition, and in light of the above, the
Company is not proposing to pay a final dividend for the financial year ended
28 September 2024.

A further trading update will be provided alongside the announcement of our
FY2024 annual results on 21 January 2025.

 

For further information please call:

Shoe Zone PLC
                                           Tel: +44 (0)
116 222 3001

Charles Smith (Chairman)

Terry Boot (Finance Director)

 

Zeus (Nominated Adviser and
Broker)
            Tel: +44 (0) 203 829 5000

David Foreman, James Hornigold, Ed Beddows (Investment Banking)

Dominic King (Corporate Broking)

 

 

About Shoezone

Shoezone is a Town Centre, Retail Park and Digital footwear retailer, offering
low price, high quality footwear for the whole family.

Shoezone operates from a portfolio of 297 stores and has approximately 2,250
employees across the UK.

The store portfolio consists of 112 original high street store and 185 larger
format stores. The new format stores sell additional brands such as Skechers,
Hush Puppies, Rieker and Lilly & Skinner.

shoezone.com combined with the store network, ensures a full multi-channel
offering for great customer service.

During an average year Shoe Zone sells 13.9 million pairs of shoes per annum
at an average retail price of c.£13.30.

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  TSTKZMMZVNGGDZM