26th Jul 2022 11:39
(Alliance News) - Shoe Zone PLC on Tuesday said it has upped its profit guidance for financial year 2022, as sales for summer products climbed during the UK heatwave.
Shares in the company were up 4.1% to 192.60 pence each in London on Tuesday around midday.
Shoe Zone said that since June trading has been "stronger" than expected, due to higher than anticipated demand for summer products, particularly in the last two weeks.
The company also noted that it continues to experience margin improvements, as a result of good supply chain and cost management.
Therefore, Shoe Zone now anticipates adjusted pretax profit, excluding the profit on the sale of freehold property, to be at least GBP9.5 million in its financial year 2022. This is up 12% from previously raised guidance of GBP8.5 million, back in June.
In the first half of the current financial year, the company swung to a pretax profit of GBP3.1 million, from a loss of GBP2.6 million a year before.
By Sophie Rose; [email protected]
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