Date of Final Results
26 November 2020
Shoe Zone PLC
("Shoe Zone", the "Company" or the "Group")
Date of Final Results
Shoe Zone announces that, as a result of the impact of the second Government mandated lockdown in the UK, it will now announce its Final Results for the period ended 5 October 2020 on 8 March 2021.
As should be expected, the second lockdown in England at a critical time of year will have a negative impact on the Group's revenue in the current financial year, resulting in an anticipated reduction in revenue of at least £12m compared to the year ending 5 October 2020, even allowing for the good gains in online trade. The very late lockdown in certain areas of Scotland and all of Northern Ireland has further exacerbated the impact on our pre-Christmas trading. Notwithstanding this anticipated reduction in revenue, the Group continues to have a material net cash balance sheet position, and the Board continues to anticipate that the Group has sufficient liquidity available to it, assuming there are no further material COVID-19 related restrictions mandated by the Government over and above those already known.
It is very difficult at this stage to provide any further meaningful guidance on the future outlook, given the material uncertainty in the wider economy.
The information communicated in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via regulatory news service this inside information is now considered to be in the public domain.
For further information please call:
Shoe Zone plc
Peter Foot (Finance Director) Tel: +44 (0) 116 222 3000
FinnCap Limited (Nominated Adviser & Broker)
Matt Goode / Kate Washington (Corporate Finance) Tel: +44 (0) 20 7220 0500
Alice Lane (ECM)
About Shoe Zone
Shoe Zone is a Town Centre, Retail Park and Digital footwear retailer, offering low price and high quality footwear for the whole family.
Shoe Zone operates from a portfolio of around 460 stores and has approximately 3,000 employees across the UK.
The store portfolio consists of over 410 high street stores containing the core Shoe Zone product range and 50 larger Retail Park units which also feature brands such as Skechers, Hush Puppies and Kickers.
The website shoezone.com, combined with the store network, ensures a full multi-channel offering for great customer service.
Shoe Zone sells 16 million pairs of shoes per annum at an average retail price of £11.