Shoe Zone, the British footwear retailer, has witnessed a noteworthy surge in its share price this morning. The company has exceeded trading expectations, citing a strong performance throughout May and early June. The boost is attributed to the early demand for their summer products and a favourable reduction in container rates, leading to improved profit margins.
Shoe Zone anticipates that its adjusted pretax profit for the financial year ending on October 2 will be no less than £10.5 million. Notably, this projection represents a slight decrease from the £13.6 million pretax profit recorded in the previous financial year of 2022. Meanwhile, the company’s revenue for the same period amounted to £156.2 million, highlighting its ability to navigate market challenges.
Investors have responded positively to the announcement, causing Shoe Zone’s stock price to soar to 228.55 pence per share, a jump of 8.8%. The company’s share price has increased by 43% in the last 12 months.
