Shoe Zone trims profit guidance
Shoe Zone has cut its full year profit guidance as it continues to experience cost pressures due to higher than usual shipping costs.
Further to its AGM statement issued in March, the footwear retailer said today that container prices have risen significantly over the last six months due to a reduction in the supply of shipping vessels and the continuation of a reroute away from the Suez Canal.
The retailer said it has also been impacted by weaker than expected spring/summer sales from April to June due to unseasonal weather conditions.
As a result, Shoe Zone has cut is profit forecast for the year ending 2 October 2024 to “not less than £10 million”.
In January, Shoe Zone reported that pre-tax profit increased to £16.2 million in the year to 30 September 2023 from a previous £13.6 million following strong sales of summer and back to school items.
