233% profit jump at Shoe Zone

BEN STEVENS | May 24, 2018

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Shoe Zone has posted a “good first half” in what has been a successful turnaround following a dismal set of results last year.For the six months to March 31 the footwear retailer saw revenues edge up 1.1 per cent to £73.7 million, but saw pre-tax profits jump 233 per cent from £300,000 last year to £1 million.This follows reports of an 84 per cent drop in profits for the six months to April 1 2017, which it blamed on the “devaluation of sterling against the dollar”.However, its chief executive Nick Davis has seemingly implemented a successful turnaround strategy since then, see multichannel sales rise 21 per cent.Shoe Zone has also enjoyed a reduction in rent since last year, in what it describes as a “a favourable retail rental environment”. This is in stark contrast to the majority of the high street, which is scrambling to reduce its rental obligations.

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