Shoe Zone PLC (AIM:SHOE) shares shed close to 17% of their value after the high-street retailer warned annual profits would be lower than expected due to a multitude of headwinds.
Fewer shoes were sold in the months from April to June, while bad weather and increased shipping costs also hampered underlying earnings.
Now, the group expects adjusted pre-tax profits to reach around £10 million, having already been lowered to £13.8 million in its interim results.
It blamed the rise in shipping costs on "pressures associated with container prices due to a reduction in the supply of shipping vessels and the continuation of a reroute away from the Suez Canal”.
Shoe Zone said it "experienced weaker than expected spring/summer sales from April to June, due to unseasonal weather conditions”.