Shoe Zone’s finance director, Peter Foot, has left the business with immediate effect after only seven months in the job and two weeks before the publication of the company’s annual results. He had joined the company on July 6, 2020.
The board has started the search for a replacement. Foot’s departure will not have any impact on the company’s year-end results, to be announced on March 8, the company said without further details.
Shoe Zone did not respond to Shoe Intelligence’s requests for comment. Shares in the company fell by over 6 percent on the news.
The company expects sales for the full year ended on Oct. 3, 2020 to be around £122.6 million (€141.7m-$171.9m), down from £162.0 million (€187.2m-$227.2m) a year earlier but in line with its previous guidance. It also expects to report a loss before tax of about £14.6 million (€16.9m-$20.5m). The pretax result is partially impacted by the adoption of the new IFRS 16 accounting standard.
The British footwear retailer continues to have a ”material” net cash balance sheet position, and believes it has sufficient liquidity available assuming there are no further significant Covid-19 related restrictions mandated by the government.
Shoe Zone specializes in low price footwear. It has about 460 stores and an e-commerce platform. It claims to sell 16 million pairs of shoes a year at an average retail price of £11 (€12.7-$15.4).