Shoe Zone expects to meet full year profit guidance

Shoe Zone said in its trading update for the 52 week period to September 30, 2017, that the group has traded well in the second half of the year and expects to report revenues of approximately 158 million pounds (208 million dollars), reflecting the continued planned closure of loss making stores. The company added that 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.

Commenting on the full year update, Nick Davis, Chief Executive of Shoe Zone, said in a statement: "The group has performed well through the year and I am particularly pleased with the six Big Box stores that we have opened. 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."

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.

Picture:Shoe Zone website