22nd Oct 2014 08:18
LONDON (Alliance News) - Shoe Zone PLC on Wednesday said it expects profit to meet market expectations and revenue to meet its own forecasts for the full year, while it said its net cash will be significantly ahead of market predictions.
The footwear retailer said it expects pre-tax profit for the year to October 4 to be in line with market expectations, on the back of revenue set to be around GBP172.5 million, down from the GBP193.9 million the year earlier but also in line with expectations.
It said the drop in revenue was driven by 17 store openings over the year and the planned closure of a number of temporary stores.
Shoe Zone said it expects its net cash position for the year to be around GBP8.5 million, well ahead of market expectations.
"We are delighted to report our profit will be in line with expectations having had the best August in the group's history, followed by a slow September, with a late start to the boot season. I am pleased to report that the boot season is now in full swing, and the first two weeks of the new financial year have been good," said Shoe Zone Chief Executive Officer Anthony Smith.
Shoe Zone shares were up 2.2% on Wednesday to 209.00 pence.
By Sam Unsted; [email protected]; @SamUAtAlliance
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