The Brexit vote fails to perturb Shoe Zone as its share price flies
Discount retailer Shoe Zone's share price sprung over 15 per cent this morning after announcing that its cost-cutting measures had put it on track for a small increase in annual profits.
In its pre-close trading statement, Shoe Zone said that it expects revenue for the year to be down by £6.8m at £160m, although this is primarily driven by the company's strategy to close 42 loss-making stores during the year.
The Leicester-based company did open 17 new stores during the year and now operates across 510 outlets.
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Chief executive Nick Davis said that the second six months of trading had been particularly pleasing and that "we have seen little impact from the EU referendum".
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Read more: Shoe Zone blames store closures for dent in sales
Employing over 3,500 people across the UK and Ireland, Shoe Zone sells around 20m pairs of shoes each year at an average price of just over £10 a pair, most of which are sourced directly from factories and sold under the company's own brands.
Davis added that trading had been bolstered during the key back-to-school period and was positive about a trial to offer customers third party brands at three of its Big Box stores.