Shoe Zone finance director Foot quits after seven months

Shoe Zone finance director Peter Foot has left the business, the company said on Monday, after only seven months in the job and two weeks before the publication of annual results..

In a short statement to the London Stock Exchange, the footwear retailer said the decision was effective immediately, but added Foot’s departure would “not have any impact on the company's year-end results, to be announced on 8 March 2021". Shares in the company fell 6.3 percent on the news.

“The board has started the search for a replacement and a further announcement will be made in due course once an appointment has been made,” Shoe Zone said without any other details. It did not respond to a request for further comment.

In a statement last week, Shoe Zone said it expected wider full year losses due to a new accounting standard and stressed current guidance remained unchanged.

The company forecast revenue of about £122.6m, in line with guidance and down from £162m in 2019, and a statutory loss before tax of approximately £14.6m compared with a pre-tax profit of £11.3m year on year.

It added that the group has a “material net cash balance sheet position” and continues to anticipate “sufficient liquidity … assuming there are no further material Covid-19 related restrictions mandated by the government over and above those already known”.