Shoe Zone PLC (AIM:SHOE) shares fell 19% as it swung to a first-half loss and said trading "continues to be difficult as consumer confidence continues to be low".
Having already warned on profits in December, when it halved its full year profit before tax forecast to £5 million, it said the challenging trading conditions experienced in the first quarter have seen a little improvement.
"During the second quarter, we have seen more stability/reduction in the price of containers, and a strengthening of sterling against the dollar, both of which will start to benefit in the second half of this financial year,"
The chain reported a 6.5% fall in revenue to £71.5 million for the 26 weeks to 29 March, with store revenue down 10.3% to £53.3 million and digital revenue up 6.4% to £18.20 million.
Adjusted loss before tax was £2.6 million versus a profit of £2.5 million in the prior year.
Shares in the retailer fell to a three-year low below 80p in December but had walked back up to 115p ahead ot today's results, which sent them tumbling back to 93p.