Footwear retailer Shoe Zone, has announced an “exceptional” month of sales which soared beyond management expectations.
Shoe Zone, which sells over 13 million pairs of shoes per year, reported that since its last update in early June, sales have been growing. Volumes are up double digits from last year due to strong demand.
The company’s success since it’s last trading update took place with no price increases on any of its main range allowing them to stick to their core company aim of offering low priced shoes with an average retail price of £12.
The company has also seen margin improvements due to lower container rates and favourable foreign exchange rates.
Shoe Zone’s management expect these improvements to continue for the rest of the financial year.
The firm expects pre-tax profits to be not less than £13.5m for the financial year to October 2.
Bensonshoe, now Shoe Zone, was purchased by brothers Michael and Christopher Smith in 1980.
Expansion continued with the acquisition of companies such as Wassall plc and Tyler Ltd leading up to the opening of the first discount Shoe Zone store in 1996.
In 2010 the Shoe Zone website launched and the company now owns over 380 stores nationwide.
The shares rose 17.49p, or more than 7%, to 252.5p.
