Shoe Zone posted a leap in profits as the retail chain – whose products sell for under £10 on average – continues to enjoy a decent start to life as a stock market company. The Leicester-based firm, which has 554 stores in the UK and Ireland and employs 4,100 staff, saw pre-tax profits hit £2.7m in the six months to April 4, up from £200,000 a year earlier.
It continues to grow after it added three new stores since October, refitted a further 19 shops and launched on Amazon.
The company, which was founded by brothers Michael and Christopher Smith in 1980, joined the stock market in May at 160p a share and now stands at 176.5p, giving it a valuation of £88.4m.
Shoe Zone claims it sells 20 million pairs of shoes per year, and in 2013 said its average retail price for a pair of shoes at the store was £9.77.
The business is able to maintain low prices through volume sales, direct sourcing from factories and by carrying a low product line.
The firm said it would continue its refit programme and would open new shops.