- Value footwear retailer Shoe Zone generated revenues of approximately £161.9m in the 53-week period to 5 October 2019, up from £160.6m in 2018, despite 'challenging' trading conditions in the second half of the year.

In a trading update, the retailer said it expects to report pre-exceptional profit before tax for the period in line with revised market expectations.

Shoe Zone closed the year with a net cash balance of £11.3m and as referenced in its market update in August, no special dividend will be paid for the 2018/19 financial year.

The retailer ended the year with 500 stores, having opened 24 and closed 16 during the period. As at the close of the year, 40 Big Box stores were open, consistent with its target of 45 stores by the end of December 2019.

Chief executive Anthony Smith said: 'Shoe Zone has ended this difficult year in line with our revised expectations. It is early days in the new financial year but we have been encouraged by the performance so far.

'There are a further 20 Big Box openings planned for the coming year which, alongside our strong digital momentum, will continue to drive growth in the future. We look forward to updating shareholders on progress at the time of our final results in January.'

At 8:29am: [LON:SHOE] Shoe Zone Plc share price was +7.5p at 126p

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