- High street footwear retailer Shoe Zone reported a significantly widened pre-tax loss of £5.3 million for the six months to 28 March, compared to £2.3 million in the same period last year.
- Revenues declined by 12 per cent to £62.9 million, attributed partly to operating with 19 fewer stores and reduced consumer confidence, which the firm linked to government budget announcements and the Middle East conflict.
- The company stated that the Middle East conflict is driving up business costs, including transportation and container prices, which is expected to impact financial performance for the rest of the year.
- Shoe Zone has revised its full-year forecast from a previously guided £1 million profit to an adjusted pre-tax loss of between £1 million and £2 million.
- The retailer is reducing its physical footprint by closing stores and cutting its warehouse size, while also planning to relocate and revamp its remaining retail chain into newer, bigger formats by the end of 2027.
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