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Shoe Zone announces buyback, reports positive trading

Provided by Alliance News

(Alliance News) - Shoe Zone PLC on Tuesday said that it traded "positively" last month, and announced the start of a GBP3.5 million buyback.

In response, the stock closed 6.6% higher at 65.00 pence on Tuesday afternoon in London. It had earlier surged 23% higher.

The Leicester, England-based footwear retailer announced that "trading has continued positively throughout July".

As a result, Shoe Zone said, cash and equivalents as at July 25 "stood at approximately GBP7.0 million ahead of original budget".

Shoe Zone said it still expects an adjusted pretax loss, which excludes foreign exchange gains and losses, of "no greater than" GBP1.0 million for the year ending October 3.

Shoe Zone also announced a new share buyback, worth up to approximately GBP3.5 million, with Zeus Capital Ltd having agreed to repurchase the shares on its behalf.

The company started the programme on Tuesday, and said it will end on October 26 or, if earlier, the date upon which the number of shares repurchased equals the number of shares which Shoe Zone has authority to buy back.

By Emma Curzon, Alliance News reporter

Comments and questions to newsroom@alliancenews.com

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