Sunday, July 21, 2024

Cost pressures and weaker than anticipated sales see profit warning at Shoe Zone

Shoe Zone, the Leicester-based shoe retailer, has issued a profit warning following continued cost pressures and weaker than anticipated sales.

The business says it has continued to experience cost pressures associated with container prices due to a reduction in the supply of shipping vessels and the continuation of a reroute away from the Suez Canal. As a result, container prices have risen significantly over the last six months.

Alongside an increase in shipping costs, the company has experienced weaker than expected Spring Summer sales from April to June, due to unseasonal weather conditions.

As a result, the company now expects adjusted profit before tax for the financial year ending 2 October 2024 to be not less than £10m, compared to more than £16m in the year prior.

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