1. ITV Report

Shoe Zone's profits fall by 84%

A Shoe Zone store in 2012. Photo: PA

Retailer Shoe Zone's half-year profits have fallen by 84%.

The Leicester-based group saw pre-tax profits plunge to £309,000 in the six months to April 1, down from £1.9 million a year earlier.

The devaluation of sterling against the dollar has impacted the group's statutory profits in the period.

However, as we reach the annualised re-basing of this rate, we anticipate the ongoing impact will be significantly reduced.

– Nick Davis, chief executive

Sales also came under pressure, down 2.3% to £72.9 million, as a restructure of its store estate saw the group close 12 outlets and open nine, including one in its new 'Big Box' format.

Even with the sterling impact stripped out, underlying profits fell to £1.3 million from £1.7 million.