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British footwear retailer Shoe Zone ends FY21 with weaker sales

14
Oct '21
Pic: Shutterstock
Pic: Shutterstock
Shoe Zone, a UK-based footwear retailer, reported a sales decline to £119.1 million during FY21 ended on October 2, 2021, compared to the revenue of £122.6 million in last fiscal and £162 million in 2019. The first half was impacted by COVID pandemic, however, all stores were open and fully trading as at the end of April 2021 which enabled the company to trade over its key 'Back to School' period.
 
“Shoe Zone has weathered an intensely challenging year due to the COVID-19 pandemic. The negative impact of this has been largely mitigated due to quick action taken in areas we could control, by reducing costs, continuing and accelerating investment in our digital business and improving operations. As a result, we have emerged as a leaner, stronger and more resilient business,” Anthony Smith, chief executive at Shoe Zone, said in a press release. 
 
The British retailer’s digital sales for the year surged 58.5 per cent to £30.6 million from FY20, representing 25.7 per cent of the total revenue.
 
“These are a solid set of preliminary results but there is still uncertainty ahead of us in the next 12 months, not only with the continuing impact of COVID, but also the challenges we face with the global supply chain and inflationary pressures. We have seen a minimum of a five-fold increase in container prices over the last 12 months and this will continue to impact us for at least a further six months until the issues being experienced in the whole supply chain return to more sensible levels,” Smith said.
 
According to Shoe Zone, its decision to invest the digital infrastructure and operations has led to significant growth in online sales over the last 12 months, giving them the confidence to make this the core of their business strategy going forward. The company stated that it will continue to invest in its people and shoehub platform. It further aims to increase drop ship partners, market places, exclusive products, brands and plan to introduce additional payment and delivery options to enhance customer experience. 

Fibre2Fashion News Desk (JL)


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