British footwear retailer Shoe Zone's revenue soars 6.1% in FY23

The company's digital revenue saw a significant surge, climbing 17 per cent year-on-year to reach £30.9 million, making up 18.7 per cent of the group's total revenue.

Shoe Zone also reported an improvement in its product margin in FY23, which increased to approximately 62.1 per cent, up from 61.3 per cent in FY22. The company attributed this to lower container prices during part of the year and improved stock management, thanks to less market volatility, the company said in a press release.

The retailer expects an adjusted profit before tax of not less than £16 million, a notable increase from £11.2 million in FY22. This figure is adjusted for a £0.3 million profit on the sale of one freehold property and a foreign exchange revaluation loss of £0.6 million.

In terms of store numbers, Shoe Zone ended the year with 323 retail stores, down from 360 in FY 2022. The company closed 72 stores, opened 35 new ones, and refitted 15. The 323 stores include 188 original Shoe Zone stores, 42 Big Box, and 93 Hybrid stores. The company aims to continue its strategy of expanding the number of Hybrid and Big Box formats through relocations and refits of existing Shoe Zone stores.

ALCHEMPro News Desk (DP)