Shoe Zone on Wednesday reported lower profits, but its boss said he has confidence in the future of the High Street and will invest in upgrading 20 shops this year.
Chief executive Anthony Smith said the retailer will create new “hybrid” sites in areas such as Lewisham. That will involve revamping stores to sell 200 more ranges from other brands, such as Kickers and Skechers, alongside Shoe Zone’s own 350 lines.
AIM-listed Shoe Zone, which operates around 500 shops, had a difficult period in the 53 weeks to October 5, with “challenging” trading conditions, high business rates and a property writedown.
Revenue edged up 0.9% to £162 million. Pre-tax profits fell to £6.7 million from £11.3 million.
Smith said: "Despite it being a difficult year for Shoe Zone, the business has achieved revenue growth, and delivered underlying profit before tax marginally ahead of our revised expectations following our revaluation of freehold property.”
