Shoe Zone announces significant loss and appoints new Finance Director

United Kingdom
Published:  10 March, 2021
Credit: Hush Puppies

The UK’s largest value footwear retailer has announced its full results for the 2020 financial year and the appointment of Terry Boot as Finance Director with immediate effect.

Before tax, Shoe Zone recorded a loss of £14.6 million (US$20.29 million) and total sales of £122.6 million (US$170.39 million), a 24.3% drop compared to 2019, as a result of the Covid-19 lockdowns and store closures.

For the 52 weeks to 3 October 2020, digital revenue grew 82% to £19.3 million (US$26.82 million).

The retailer’s product gross margin finished lower at 61.4% compared to 62.7% in 2019, whilst its net cash position was £6.3 million (US$8.76 million).

Shoe Zone is said to be confident that Boot’s “considerable experience will strengthen the Board”, having held previous management positions at Brantano and Jones Bootmaker. Boot replaces Peter Foot who left Shoe Zone after less than a year in the role.