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Shoe Zone shares rebound after "difficult year" on the high street

Its chief executive also said its 'Big Box' concept stores had performed well, with plans to open a further 20 in the next year

Shoe Zone Plc - Shoe Zo
Shoe Zone sells 18mln pairs of shoes a year

Shares in Shoe Zone Plc (LON:SHOE) jumped 8% to 128p on Thursday morning as the footwear firm reported trading had got no worse following a profit warning in August.

The company, which sells 18mln pairs of shoes each year, saw revenues rise by 1% to £161.9mln in the 53 weeks to 5 October.

READ: Shoe Zone gets kicking over profit warning as boss gets his skates on

A rollout of 21 new ‘Big Box’ concept stores, taking the total to 40, combined with good momentum in its online offering had stopped the rot said the retailer.

Anthony Smith, chief executive, said a “difficult year” year had ended in line with the revised expectations and that so far the new financial year has been encouraging. 

Smith said: “There are a further twenty Big Box openings planned for the coming year which, alongside our strong Digital momentum, will continue to drive growth in the future.”

Smith replaced Nick Davis in August when he left to pursue other business interests.

Quick facts: Shoe Zone Plc

Price: 182.5 GBX

AIM:SHOE
Market: AIM
Market Cap: £91.25 m
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