UK retailer Shoe Zone's profit before tax climbs 19.1% in FY23

10 Jan '24

2 min read

Pic: Roger Utting - stock.adobe.com

Insights

Shoe Zone reported a 19.1 per cent increase in FY23 pre-tax profit to £16.2 million and a 47.3 per cent rise in adjusted profit to £16.5 million.
Earnings per share grew to 27.79p.
Total revenue reached £165.7 million, driven by store sales of £134.8 million and digital revenue of £30.9 million.
The company ended FY23 with 323 stores, 37 less than in FY22.

Shoe Zone, a UK-based footwear retailer, has reported a significant rise of 19.1 per cent year-on-year (YoY) to £16.2 million in profit before tax for fiscal 2023 (FY23), ending September 30, 2023. The adjusted profit before tax soared by an impressive 47.3 per cent to reach £16.5 million, up from £11.2 million in the previous year. This financial growth was also reflected in the earnings per share, which increased to 27.79p from 21.74p in 2022.

Shoe Zone's total revenue for the period was reported at £165.7 million, marking an increase from £156.2 million in FY22. This growth was driven by both store and digital revenues. Store revenue climbed to £134.8 million from £129.8 million, while digital revenue rose to £30.9 million from £26.4 million, indicating a strong performance across both channels.

Operationally, the company ended the period with 323 stores, down from 360 in 2022. This change in store count included a mix of 42 Big Box stores (down from 45), 93 hybrid stores (up significantly from 44), and 188 original format stores (down from 271). The year saw the closure of 72 stores, the opening of 35 new stores, resulting in a net decrease of 37 stores, the company said in a press release.

Fibre2Fashion News Desk (DP)

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