Belfast Telegraph

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Shoe firm's profits melt away as weather gets hotter

By Roger Baird

Shares in Shoe Zone plunged by more than a quarter after the retailer issued a profits warning due to the "material impact" of mild weather on sales.

The Leicester-based firm, which has more than 550 stores in the UK and Ireland, said average prices fell during the period as products such as ladies ankle boots were favoured over higher priced long leg boots.

The discount retailer warned its sales and profits for the six months to April 4 will be below a year ago.

Its annual results are also expected to be short of market forecasts.

Shares slumped 28%.

The company, which was founded by brothers Michael and Christopher Smith in 1980, joined the stock market last May valued at £80m.

It added that its stock has been well managed during the last six months with no need for additional discounting.

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