1. News
January 11, 2022

Shoe Zone registers $161.9m in revenue in fiscal 2021

Shoe Zone closed 50 unprofitable locations during the year.

Footwear retailer Shoe Zone has registered revenue of $161.9m (£119.1m) in fiscal year 2021 compared to $166.7m (£122.6m) in 2020.

The retailer, which traded just 36 of the total 52 weeks due to Covid-19, posted $120.5m (£88.6m) in store revenue, while digital revenue is $41.8m (£30.5m).

During the year, the company posted a pre-tax profit of $12.9m (£9.5m) compared to a loss of $19.8m (£14.6m) in 2020.

In 2021, Shoe Zone reported earnings per share (EPS) of 14.0p against a loss per share of 23.8p the prior year.

Shoe Zone chief executive Anthony Smith said: “Shoe Zone had a very successful year due to the incredible hard work of our teams, by reducing costs, reducing non-essential capital expenditure, continuing to accelerate investment in our digital business alongside improving and streamlining operations.

“The company ended the period with a cash and equivalent balance of £19.0m (2020: £13.3m) and a net cash balance of £14.6m (2020 £6.3m).

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“The increase in cash has been achieved through the measures taken by the business over the last 12 months, which restricted capital expenditure and significantly reduced all areas of cost. As at the Period end we were up to date on all creditor and rental payments.”

The retailer shuttered 50 underperforming stores and converted another 10 existing stores into its new formats.

It ended the year with 410 stores including 343 Original stores, 51 Big Box stores and 16 Hybrid stores.

In May last year, Shoe Zone permanently closed all its stores and website in Ireland as it continues a review of its store portfolio.