UK-based footwear retailer Shoe Zone has reported a total revenue of £165.7m ($201.79m) in fiscal year (FY) 2023.
This is an increase of 6.1% from £156.2m in FY22.
The retailer’s store revenue for the FY was £134.8m. Its digital revenue was £30.9m, accounting for 18.7% of group revenue.
For the 52 weeks to 30 September 2023, Shoe Zone expected its adjusted profit before tax to be £16.0m or more, compared to £11.2m in FY22.
The company’s product margin increased to nearly 62.1% in FY23, compared to 61.3% in FY22.
During 2023, Shoe Zone opened 35 stores, refitted 15 and closed 72 stores, ending the year trading with 323 retail stores compared to 360 in 2022.
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Its store network comprises 188 original Shoe Zone stores, 42 Big Box and 93 Hybrid stores. It employs approximately 2,400 across the UK.
Shoe Zone chief executive Anthony Smith said: “I am pleased to announce that Shoe Zone has had a strong year, continuing the momentum gained from the positive year we had in 2022. We continue our strategy to expand our Hybrid and Big Box formats via refits (15) and relocations and new stores (35). Shoe Zone continues to show how resilient it is, with a proven track record of delivering robust results during times of economic uncertainty.
“We look forward to updating shareholders in more detail at the time of our final results in January 2024.
“I would like to thank all of our teams for their continued commitment and hard work that have produced these great results.”