Share Name Share Symbol Market Type Share ISIN Share Description
Shoe Zone LSE:SHOE London Ordinary Share GB00BLTVCF91 ORD 1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  +0.00p +0.00% 162.50p 160.00p 165.00p 162.50p 162.50p 162.50p 85,166 08:00:00
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
General Retailers 159.8 10.3 16.9 9.6 81.25

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Date Time Title Posts
26/10/201711:19Shoe Zone - UK mass market retailer of footwear429
16/2/201716:01Time for a rebound5

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Shoe Zone Daily Update: Shoe Zone is listed in the General Retailers sector of the London Stock Exchange with ticker SHOE. The last closing price for Shoe Zone was 162.50p.
Shoe Zone has a 4 week average price of 155p and a 12 week average price of 147.50p.
The 1 year high share price is 206.50p while the 1 year low share price is currently 147.50p.
There are currently 50,000,000 shares in issue and the average daily traded volume is 23,320 shares. The market capitalisation of Shoe Zone is £81,250,000.
masurenguy: Paul Scotts view on the interims. "SHOE has a good balance sheet. Net cash is reported as being £11.8m on 30 Sep 2017. Its "big box" stores are performing well, with more planned. My opinion - I like the business model of this show retailer. In particular, it usually only rents shops on short leases. With low fit-out costs, this gives it great flexibility - shops which don't trade profitably can be jettisoned quickly & easily. Whereas onerous lease liabilities are usually what kills many retailers. That isn't a risk here. The valuation metrics, in particular PER and dividend yield, look very good. Also, the quality scores are surprisingly high. I suppose the question is, how will consumer demand for cheap shoes hold up? As a boring, high yielding share, I'd say this one looks worthy of consideration, for an income portfolio. It looks good value to me, but I'm not sure that there's much upside potential on the share price."
fenners66: WTF is happening with the share price? Up on a magazine tip but crashing down again today, results out? Cant see em.
masurenguy: Shoe Zone (AIM:SHOE) There may be currency pressure on the cost of shoes from suppliers but this well-managed shoe retailer has delivered consistent performance over a number of years. Senior management are well-aligned as major shareholders and clearly like their dividends! Year-end net cash of £15.0m resulted in the business propose the payment of 2 dividends: a final dividend of 6.8p per share was up 4.6% on the prior year’s 6.5p, resulting in a total dividend for the year of 10.1p per share. There was also a special dividend of 8.0p per share up 33% on the prior years’ 6.0p. This brought total dividend for the year to 18.1p, an increase of 15.3% over the previous year and a yield of nearly 10% at the current share price (183p).
masurenguy: An interesting and positive review of the results from Paul Scott a few days ago. Shoe Zone (LON:SHOE) Share price: 182.5p (unchanged today) No. shares: 50.0m Market cap: £91.3m (at the time of writing, I hold a long position in this share) Results 52 wks ended 1 Oct 2016 - the figures for this discount shoe retailer were pre-announced in a trading update, which I reported on here, on 25 Oct 2016. So this looks OK. A bit more detail: •Gross margin - excellent, at 62.0% (LY 61.5%) - can this be maintained though, as forex cost pressures mount? In narrative, company reassures that GM can "broadly" be maintained. •Online sales up 11% (should be more). I can't find a figure for total, or what proportion of grand total, so assume it's not particularly high. •Growth in international sales online - encouraging, but need figures on this to assess important. •Short leases - this is a key competitive advantage, which I like very much. Average length is only 2.6 years. This means company has flexibility to relocate, and take advantage of "trend of falling rents". •Business rates - company says it will be a net beneficiary from the recent revaluation - good news. •Balance sheet - very solid, with plenty of cash. Although note pension deficit has risen significantly and £0.6m annual cost is going to rise. •Family-controlled, so a takeover bid is very unlikely, unless they want to sell out. If they do, then it would have to be at a decent premium. •Dividends - very generous - 6.8p final, plus 8.0p special divis are in the pipeline. •Cash generation - very good, and anything above £11m is paid out to shareholders, a terrific discipline. •Current trading - in line with expectations. They're up against soft comps though, as last year's H1 was poor. My opinion - I like it a lot. However, it's a mature business, so where's the growth going to come from? In current market conditions, I doubt there is much upside on this share price - the market isn't interested in mature retailing businesses right now - it wants fast growing ones. That said, the income from divis here is smashing. I've dipped my toe in, with a small purchase this morning. My intention is to research it in more depth, and think about it more, before deciding whether to buy any more. I doubt this will become a significant holding for me, it's more a dabble, and to generate a bit of dividend income. Based on the bullet points above, I think Shoe Zone should be able to cope with more depressed retail conditions in 2017 far better than many others. That's mainly due to its variable (and reducing) costs on shop leases, and an apparent ability to maintain margins. I like that it's a really entrepreneurial business, run by a family who clearly know what they're doing, and are experienced. That said, I don't see much excitement being likely with this share, and it could even drift down, in current market conditions. I would buy more if it dropped significantly. EDIT: I forgot to mention, FinnCap has put out a rather downbeat note today, saying it's going to reduce its forecasts. Another broker has put out forecasts which show negligible profit growth over the next 2 years. Therefore I think we should work on the basis that profit is likely to be flat, or maybe down a little in the short to medium term. I think they're perhaps being a little too negative. Sure, SHOE is subject to the same wage cost pressures as everyone else. However, it has mitigated cost increases from the forex issue, so it says, and is also able to manage down its rent+rates costs, unlike most other retailers. So to my mind, this company is more likely to weather any storm in weaker consumer confidence, than most other retailers.
imranawan: No problems Masurenguy and I appreciate your kind words. I agree that the move to a larger Grade 1 stores is a real positive for SHOE and should help them grow the top line. I'm just wary of the retail space in general, and think the outlook statement gave them some wiggle room should they not hit forecasts. Part of me selling out was also based on what may happen to the share price should they miss forecasts. Last year they fell from a peak of 260p to 185pn on the day of the PW and then back to their IPO price of 160p. If they miss forecasts for this year, the market will punish them. Recent IPOs that have disappointed such as ENTU and LAKE have been punished heavily by the market. I had quite a decent chunk of my folio in SHOE, so wanted to reduce risk. I agree with your points that the current valuation is not demanding and is supported by a nice yield. SHOE is on my w/list and I will buy back in at some point. I don't have any immediate plans for deploying the cash, as I'm trying to build up my cash levels, given the jittery markets and Brexit looming on the horizon. Good luck to you and other holders.
imranawan: I agree Masurenguy with all your points, but recently exited. I take the point about the PER being cheap as well as the EV/R, but I can't see the share price moving until we get a trading update from the Company. Last year they issued a PW in April due to the mild weather. I thought the outlook statement was rather vague, and after banking the recent divi and special divi I decided to sell up and move on. I still like the company and would revisit if the trading update was in line. One of the other reasons I sold out was due to the EPS forecast being lowered according to Stocko since the FY results in January, this combined with the outlook statement and lack of top-line growth led me to sell out. I initially bought in after the initial profit warning last April, so have held a while. Good luck to all holders, and I hope the company continues to trade well.
topvest: 16% upside. 25% or so downside in my view. Waiting and watching. Weather and their comments on the effect of the minimum wage are potentially big share price movers as is any dividend decision. Too risky at the moment to buy in my view, particularly when directors were selling a few at 190p just a couple of months ago.
topvest: 16% upside. 25% or so downside in my view. Waiting and watching. Weather and their comments on the effect of the minimum wage are potentially big share price movers as is any dividend decision. Too risky at the moment to buy in my view.
masurenguy: Paul Scotts view. Shoe Zone (LON:SHOE) Share price: 192p (up 4.3% today) No. shares: 50.0m Market cap: £96.0m Trading update - this retailer of cheap shoes blotted its copy book with a profit warning in Apr 2015, within its first year of listing too, a serious black mark. However, I reckon it's a decent business, so should recover in time. Today it says; "The Group has traded well in the second half of the year and expects to report revenues for the 52 week period to be in the region of £166.8 million (2014: £172.9 million), reflecting the continued planned closure of loss making stores. The Board expects pre-tax profit for the period to be in line with expectations. The Group ended the year with 535 stores, having opened 18 and closed 28 during the period. The business continues to have strong cash conversion and closed the year with an approximate net cash balance of £14.2m (2014: £9.1m)." That sounds fine to me! In line with expectations are the key words. Valuation - broker consensus is 18.1p EPS this year, so at 192p the shares are rated at a fairly modest 10.6 times. Given that the company has a sound balance sheet, with net cash of £14.2m, then the rating is really somewhat lower. My opinion - it takes time for confidence to rebuild, but this share now looks a lot more appealing. I'm tempted to pick up a few, but don't have any spare dosh at the moment, and am already very heavily exposed to UK retailers. I could see say 20% upside from the current price, providing they don't slip up again. There's also a 5%+ divi yield, and a Stock Rank of 93, so I imagine this stock will gradually come back into favour with investors.
masurenguy: Mixed press reviews on yesterday's trading update ! Shoe Zone tripped by ankle boot profit warning The discount retailer has sounded a profit alert less than a year after its float Shoe Zone profits stumble after warm winter The share price had surged to 258p before today’s stumble, which sent it plunging by 73.5p to 184.5p. Matthew Taylor, an analyst at Shoe Zone’s house broker, Numis, cut his profit forecast for the 12 months to September by 20% to £10m, with the following year’s figure reduced by 15% to £12m. Shoe Zone profits hurt by ankle boots Company sounds profit warning and cuts dividend after unseasonal weather prompts shoppers to buy cheaper ankle boots over dearer knee-high variety Is Shoe Zone PLC A Contrarian Buy After 25%+ Fall? I believe Shoe Zone could be a profitable contrarian buy: if this year’s profit miss turns out not to be as bad as expected, the shares could rise sharply. On the other hand, the old stock market adage that profit warnings come in threes is very often true, as management only gradually admit the scale of the problems they face.
Shoe Zone share price data is direct from the London Stock Exchange
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P:33 V: D:20171119 01:26:03