Online revenue increased by 17% to £30.9m, which Shoe Zone said was due to increased conversion and strong sales on its Amazon platform. Credit: Shutterstock.

With a total profit before tax of £16.2m ($20.63m), Shoe Zone reported a “very positive year” for the 52 weeks to 30 September 2023 (FY23).

In a statement, Shoe Zone’s chief executive Anthony Smith welcomed the “consistent results” and said the second half of the year was particularly positive for Shoe Zone, particularly the ‘back to school’ period.

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Online revenue increased by 17% to £30.9m, which Shoe Zone said was due to increased conversion and strong sales on its Amazon platform.

The results come after a mixed H1, when the footwear retailer revealed a drop in earnings weighed down by inflationary cost increases.

Key results for Shoe Zone in FY23

  • Total revenue of £165.7m, with in-store revenue of £134.8m and online revenue of £30.9m.
  • £16.2m profit before tax, up 19.1%.
  • A total of 323 stores, with 72 closures, 35 openings and 37 fewer stores than in 2022.

Despite having 37 fewer stores overall, revenue from stores increased 3.9% to £134.8m, up from £129.8m in 2022. Shoe Zone reported a strong performance in its relocated and refitted stores.

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The retailer said it will continue to refit original stores to its ‘big box’ and ‘hybrid’ store formats and aims to have no shops trading under the original format by 2026.

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Smith commented: “We continue to accelerate our store refit and relocation programme and to drive our digital strategy on the back of these solid set of results. The hard work completed to reduce costs, streamline operations and accelerate investment, positions us well for the year ahead.”

Alongside the boost from Amazon sales and higher conversion rates, Shoe Zone said it also benefitted from two automated bagging machines for its online business, improving productivity. The footwear retailer added that it will continue to invest in digital infrastructure in 2024.

In the next 12 months, Shoe Zone plans to invest in a new returns portal, introduce Google Pay, Apple Pay and its own mobile app.

Shoe Zone also predicted that lower container prices will increase its product margins, as it forecasts lower costs in 2024. Smith praised the store’s buying and shipping teams for “doing an exceptional job” in volatile chains.