Shoe Zone, the British shoe retailer that went public on May 23, has reported a 16.2 percent drop in sales to £82.9 million (€104.82m-$141.76m) for the first half of its financial year, ended April 5. It attributed the drop to the closure during the 12 months ended last Oct. 6 of 154 loss-making stores, most of which belonged to the former Stead & Simpson. However, the company's pre-tax profit jumped to £2.7 million (€3.41m-$4.62m) from only £200,000 in the year-ago period. The management said that its online sales were ahead of market growth projections and that its launch on Amazon last November has produced “good results.” Shoe Zone opened three new stores during the six-month period, ending up with a total door count of 554 in the U.K. and Ireland. It relocated two stores and refitted 19 others.