Shoe Zone upgrades profit forecast for third time in three months as it’s boosted by the school rush
Shoe Zone has been boosted by the school rush, upgrading its profit forecast for the third time in three months.
The discount retailer, which sells pairs of shoes for an average of £12, said sales in August were ahead of expectations as summer and back-to-school products flew off the shelves.
As a result, it predicts profit for the year to October will now be no less than £10.5million, up from £9.5million.
Stepping up: Shoe Zone said sales in August were ahead of expectations as summer and back-to-school products flew off the shelves
It also said improved profit margins, which it highlighted in June, had continued. Shoe Zone sells around 16.8m pairs of shoes every year.
Currently, the company operates 368 stores and has approximately 2,700 employees across the UK.
In the year to last October, Shoe Zone booked a £9.5million profit, swinging back into the black after racking up £14.6million losses the year before.
The shares jumped 8.6 per cent, or 12.5p, to 157.5p.