SHARES in affordable footwear company Shoe Zone slumped to close 4.86 per cent in the red yesterday as the business failed to shake the hangover from its profit warning two months ago.

The London-listed retailer reported revenue of £76.5m for the 26 weeks to 30 March up by just 1.5 per cent on last year's figures.

Store revenue was also down by 2.8 per cent to £59.4m.

The business is currently undergoing a revamp of its physical estate. At the end of the period, it traded out of 309 stores, a reduction of 27 compared to 12 months ago and 14 lower compared to last year's end.

Chairman Charles Smith said: "Shoe Zone delivered a robust performance in the period against a continuing backdrop of consumer uncertainty and macroeconomic volatility.

"Total revenues increased by 1.5 per cent having traded out of 27 fewer stores compared to 12 months ago, with digital revenue increasing by 19.6 per cent. The performance further demonstrates the resilience of our business and the success of our ongoing strategy."

(c) 2024 City A.M., source Newspaper