Updates

Shoe Zone

February 2016

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.

We spoke with the Smith brothers, Anthony and Charles, the day Shoezone released results for the year to end September. The year saw a strong recovery from the weak H1 to a “normalish” H2 (est H1 like-for-like -4.5%, H2 +2%) and consequently Anthony Smith notes that it has ended the year with like-for-like sales -1% and a fairly clean stock position. The company resisted the urge to discount heavily and more direct sourcing (up to 62% of sales) generated decent gross margins (61.5% vs 61.3%). Overall, then, it managed to almost play catchup during H2 and recorded sales down by 4% to £166.8m with pretax profit also down by 3% to £10.1m. Eps was 16.2p.The company continued to massage down store numbers t ...

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With small companies there is an above average degree of risk compared to buying blue chips. Please be aware that we have not assessed the suitability of any of these investments for you. The newsletter simply states a personal view and diarises the editor’s investment decisions. Please speak to your stockbroker or other qualified individual to ascertain whether any of these companies mentioned would form useful additions to your own portfolios. Past performance is no indication of future success.

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