Revenues drop at Shoe Zone
Footwear retailer Shoe Zone has revealed it expects revenues to drop by more than £20m in its first financial results since it listed on AIM earlier this year. But profit is expected to be "in line with market expectations".
In a pre-close trading update for the 52 weeks to 4 October 2014, the Leicester-headquartered group said it expects a turnover of £172.5m, down from £192.9m in 2013.
The statement added that pre-tax profit would be in line with market expectations and the company's cash position will be "significantly" ahead at £8.5m.
Chief executive Anthony Smith said: "We are delighted to report our profit will be in line with expectations having had the best August in the group's history followed by a slow September, with a late start to the boot season.
"I am pleased to report that the boot season is now in full swing and the first two weeks of the new financial year have been good."
Shoe Zone floated on the stock exchange in May, with a market capatilisation of £80m.
It will post its final results for the year on 14 January 2015.