Updates

Shoezone - Synthetic shoes a beneficiary of low oil price

February 2015

Investing in shares may lose you all or some of your money. Past performance is no indication of future performance. Some of the shares recommended here may be small company shares, which can be relatively illiquid and hard to trade and this makes such shares more risky than other investments.

Strong maiden results from Shoezone for 2014 show it shrinking turnover as it closes weaker stores (it had 49 loss-makers at the time of the float) but becoming increasingly profitable. Sales were down 4% to £173m but adjusted pretax profit was up sharply from £5.1m to £11.4m. Eps were 17.9p.The year saw a 25 net reduction in store numbers to leave 545. Most of the over rented stores are being ditched on lease expiry but Shoezone is also taking advantage of the weak property rental market to reposition stores to better and bigger sites. Speaking to chief executive Anthony Smith again this month, he notes that “Grade 1” large stores (of which there are 203) are able to carry 100 more lines than Grade 3 ...

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