Profit before tax at Shoe Zone has fallen to £10.1m in the year to 28 September, as the retailer continues to record positive results.

In the 52 weeks to the end of September, the firm saw its total revenue fall by 2.7% to £161.3m, trading out of 26 fewer stores, a total of 297 outlets.

It said its year has been "split into two halves", with the first half witnessing "strong and consistent trading", followed by "disappointing store sales, due to the weakening of consumer confidence and unseasonal weather conditions" in the second half.

However, it did see its digital revenue increase by 13.9% to £35.2m in this period, driven by an increase in conversion due to the introduction of free next day delivery on all shoezone.com orders and strong Amazon sales.

Looking ahead, Shoe Zone said it would continue with its store refit and relocation programme, which should complete by the end of 2026. By this point, it expects to significantly reduce its capital expenditure and will "continue to drive" its digital strategy.

Investment director at AJ Bell, Russ Mould, stated: "Shoe Zone seems like it has been stumbling around with its laces undone for a while and full-year results have done nothing to dispel this notion with the company not paying a final dividend.

"Shoe Zone’s value credentials should have stood it in good stead during a period of economic uncertainty but that hasn’t proved to be the case. Rising costs have been a headwind thanks to global supply chain issues – particularly as the company sources from China – and the impact of Budget changes.

"One crumb of comfort is these numbers are about as good as could have been expected based on a dire pre-Christmas profit warning."

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