Tuesday, August 16, 2022

COVID-19 continues to kick Shoe Zone

Revenue has declined while losses have widened at Shoe Zone, according to interim results for the six months to 3 April 2021.

During the period the company generated revenues of £40.4m, down from £68.9m in H1 2020, which the retailer says reflects the continued impact of COVID-19.

The business added: “During the six months we experienced significant disruption in the supply chain and a fall in consumer spending for a significant number of months in the period, particularly in Jan, Feb and March when all stores were closed.”

The period did however see an increase in digital sales to £17.6m, compared to £5.5m last year.

Loss before tax meanwhile widened slightly to £2.6m from £2.5m.

The business closed 38 stores in the period.

A statement to the London Stock Exchange says: “The last 12 months have been like no other in the company’s history. The COVID-19 pandemic has had a huge social and economic impact around the world and has led to huge consequences for all businesses, including our own, as we have had to adapt and change to meet the significant challenges in the last year and I thank our loyal and committed staff during this period.

“However, we have come through this challenging period and are now in position to continue our strategy going forward, with the assumption that no further lockdowns are required.”

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