Shoe Zone Posts £14.6 million loss before tax
Shoe Zone (LON:SHOE), a shoe seller, lost in 2020 and abolished its dividends.
The AIM listed company has announced the appointment of new financial director Terry Boot as Peterfoot stagnated seven months later.
The Shoe Zone added losses before taxes in the year, reaching £14.6 million, from £6.7 million the previous year. The company’s revenue also fell 24% to £122.6 million.
The total margin of the shoe zone contracted from 62.7% to 61.4%.
The shoe seller confirmed that the store remains closed and said it could not be accurately predicted due to continued uncertainty.
Shoe Zone CEO Anthony Smith commented on the results and saw what was going forward.
“After my second year as CEO, I am sorry to report to a year affected by Covid-19. Nevertheless, I am not adamant about digital growth and loyal employees. There are positives, including commitment and focus. The financial pressure caused by Covid-19 means that we have been in debt on our balance sheet for the first time in over 15 years.”
“The business models for digital, big box, hybrid and town centre stores remain the same, but the contribution rates for each area are changing rapidly due to lockdown restrictions, some of which will be a permanent shift. .”
