Shoe Zone Expects Higher Profit and Revenue in Fiscal 2023

By Christian Moess Laursen

Shoe Zone, the U.K. footwear retailer, has announced its expectations of achieving a higher profit and revenue in fiscal 2023. This projection is attributed to a strong sales performance in the second half of the year.

Increased Adjusted Pretax Profit

Shoe Zone forecasts an adjusted pretax profit of at least £16.0 million ($16.9 million) for the 52 weeks ending on September 30th, which marks an increase from the £11.2 million recorded in fiscal 2022. The adjusted pretax profit figure excludes exceptional and other one-off items.

Revenue Growth Driven by Store and Digital Sales

The company also anticipates a 6.1% growth in revenue to reach £165.7 million, compared to the previous year. This growth is expected to be fueled by increasing store revenue, digital revenue, and a strong performance during the second half of the year, particularly throughout the summer.

Despite operating with 37 fewer stores than the previous year, Shoe Zone's total number of stores stands at 323.

Demonstrating Resilience in Uncertain Economic Times

Chief Executive Anthony Smith expressed confidence in Shoe Zone's resilience, highlighting the company's consistent delivery of robust results during times of economic uncertainty.

Final Results to Be Published in January

Shoe Zone intends to publish its final results for fiscal 2023 in January.