Shoe Zone PLC – SHOE – Final Results

Shoe Zone PLC – SHOE – Final Results

Shoe Zone PLC ("Shoe Zone"), the UK's largest value footwear retailer, operating in Town Centres, Retail Parks and Online, is pleased to announce its final results for the 52 week period ended 3 October 2020.

Financial Summary

·        Revenue decreased by 24.3% to £122.6m (2019: £162.0m)

·        Product gross margin lower at 61.4% (2019: 62.7%)

·        Loss before tax of £14.6m (2019: PBT £6.7m)

·        Earnings per share -23.8p (2019: 11.4p)

·        Net cash of £6.3m (2019: £11.4m)

·        Final dividend of nil (2019: 8.0p per share)

·        Total ordinary dividend nil (2019: 11.5p per share)

 

Operational Summary

·        51 Big Box stores opened by the end of December 2020

·        Big Box revenue was £17.1m (2019: £15.6m); 14.3% of turnover (2019: 9.6%)

·        9 Hybrid Town Centre stores opened by the end of December 2020

·        50 stores closed in the year

·        Average lease length of 2 years

·        Rents at renewal have fallen by 30.9% (2019: 23.1%) saving £777k (2019: £631k)

·        Digital revenue growth of 82% to £19.3m (2019: £10.6m)

·        Separately announced today the appointment of Terry Boot as Finance Director

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