Source - SMW
Shoe Zone reported a fall in annual profit, which it pinned on the impact of a weaker pound on input costs.

Pre-tax profit fell to £9.5m, from £10.3m in 2016, while revenue also edged back to £157.8m, from £159.8m reflecting the closure of loss-making stores.

Gross margins strengthened to 63.2%, up from 62.0%.

The company kept its final dividend steady at 6.8p per share.

"I am pleased with the group's performance in what continues to be a challenging retail environment," chief executive Nick Davis said.

"We are still well positioned in the market given our strong value retail proposition and continue to manage our store portfolio successfully through our ongoing store rationalisation and refit programme.

"Following a successful trial of the Big Box concept during 2017, we are now targeting 10 new Big Box stores per year in the medium term."

"We continue to make good progress against our strategic objectives and have made a solid start to the year with trading in line with expectations. The board remains positive about the outlook for the Group for the remainder of the year."


At 10:19am: (LON:SHOE) Shoe Zone Plc share price was +2.5p at 161p