An uptick in Shoe Zone PLC (AIM:SHOE)’s digital revenues managed to offset a decline in brick-and-mortar sales in the first half of the retailer’s financial year.
Digital revenues grew by 19.6% to £17.1 million, offsetting a 2.8% decline in store revenue to £59.4 million.
Group-wide profit before tax increased to £2.6 million from £1.5 million in the previous year and earnings per share rose to 5.6p from 3.1p.
The proposed interim dividend remained unchanged at 2.5p per share.
Operationally, Shoe Zone ended the period with 309 stores, down from 323 at the end of the previous financial year.
Looking ahead, the company has revised its full-year profit before tax forecast down to £13.8 million from an original forecast of £15.2 million.
This revision accounts for cost increases due to a higher National Living Wage, increased shipping costs, and provisions for store closures.