UK footwear retailer Shoe Zone reports FY20 revenue of £123 mn

10 Mar '21

2 min read

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Shoe Zone plc, a UK-based footwear retailer, has reported its full year results of fiscal 2020 ended on October 3, 2020. Revenue for the year decreased 24.3 per cent to £122.6 million compared to revenue of £162.0 million in the previous fiscal. However, digital sales grew 82 per cent to £19.3 million (FY19: £10.6 million) especially during lockdown period.

“In my second year back as chief executive, it is disappointing I am reporting on a year impacted by Covid-19. Despite this, there are positives such as the continued growth of digital and the commitment and focus of our loyal employees,” Anthony Smith, chief executive at Shoe Zone, said in a press release.

Gross profit during FY20 were down to £8.1 million (£25.0 million). Company reported loss from operations of £12.7 million compared to profit from operation of £6.8 million in FY19.

Revenue in UK stores slipped to £100.0 million (£146.9 million) during the year, while Republic of Irelands stores sales dropped to £2.6 million (£3.8 million).

“All of our stores are closed and we remain unable to forecast accurately due to current uncertainties. Our experienced management team continues to make the right decisions as new issues arise. However, we look forward to our customers returning to our stores on or after April 12, 2021 (England only), combined with our digital platforms continuing to perform well,” Smith said.

Fibre2Fashion News Desk (JL)

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