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Shoe Zone shares take hit as trades "marginally" below expectations

12th Mar 2024 10:33

(Alliance News) - Shoe Zone PLC shares fell on Tuesday, after it said trade is "marginally" below expectations.

Shares in the Leicester, England-based footwear seller were down 15% to 237.55 pence each in London on Tuesday morning.

Ahead of its annual general meeting, the company said that at this stage of its financial year, trading is "marginally" below expectations. Its financial year runs to September 30.

Chief Executive Anthony Smith explained that this is due to "a higher-than-expected increase in the National Living Wage, an increase in container costs due to the ongoing situation in the Suez Canal, higher costs associated with upgrading our property portfolio, and the impact of a slower-than-expected end to our Autumn/Winter season."

In January, Shoe Zone reported a solid set of financial results, helped by a "strong peak summer".

Pretax profit climbed 19% to GBP16.2 million in the financial year the ended September 30 from GBP13.6 million the year prior. Revenue grew 6.1% to GBP165.7 million from GBP156.2 million.

By Sophie Rose, Alliance News senior reporter

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