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Shoe Zone shares surge after strong results

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AIM-listed footwear retailer Shoe Zone (LON:SHOE) has seen its share price rise by 10.10% to 197.62p (as of 14:25 GMT) after the company’s total dividend was increased by 91.2% to 19.5p. Statutory profits before tax for the year ended 29th September increased 18.4% to £11.3 million.

Chief executive Nick Davis commented: “I am pleased to report that 2018 has been another successful year for Shoe Zone with the Group delivering a record profit before tax since IPO, driven from a strong performance throughout the business while operating in a challenging consumer environment.

“This positive performance is testament to the strength of the core business model and the effective focus on growing the Big Box and Digital channels. As a result of the strong performance, the Board is pleased to again return excess cash to shareholders by way of special dividend.

“We continue to make good progress against our strategic objectives and the Board remains positive about the outlook for the Group. We are incredibly proud of all of our team’s effort in delivering this progress and would like to thank them for all of their hard work“.

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