Shoe Zone PLC Full Year Trading Update (3803U)

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

TSTKMMZGKFFGNZM

(END) Dow Jones Newswires

October 24, 2017 02:00 ET (06:00 GMT)