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Retailer Shoe Zone mentioned it has shut shops in response to hovering wage prices following the current Finances measures because it warned over earnings as soon as once more.
The group – which employs round 2,250 employees throughout 297 shops within the UK – mentioned the Chancellor’s transfer to extend employers’ nationwide insurance coverage contributions and improve the minimal wage has led to “vital further prices”.
“These further prices have resulted within the deliberate closure of numerous shops which have now develop into unviable,” it mentioned.
It didn’t say what number of shops had shut or the variety of staff affected.
However the group has already been closing loss-making shops over the previous yr, revealing in October that 26 websites had been shut on a internet foundation – 53 closed, much less 27 opened – within the yr to September 28.
Shoe Zone mentioned it had additionally seen “very difficult buying and selling circumstances” because the finish of September as buyers have pulled again spending amid unseasonal climate, including that client confidence had weakened additional because the Finances in October.
Shares plunged by as a lot as 49% on Wednesday morning because it cautioned that as a result of robust buying and selling and further wage invoice, annual earnings can be decrease than anticipated, whereas it additionally cancelled its closing shareholder dividend payout for 2023-24.
It slashed steerage by as much as half, warning that underlying pre-tax earnings have been now set to be not lower than £5 million, down from £10 million beforehand anticipated for the yr to September 27 subsequent yr.
The revenue warning marks the second in as many months after it additionally lowered steerage in October for the yr to September 28 2024, blaming poor summer season climate for decrease gross sales.
Shoe Zone mentioned annual gross sales fell 2.7%, which it anticipated will depart 2023-24 earnings at “not lower than” £9.6 million towards the £16.2 million reported the earlier yr.
#Shoe #Zone #blames #Finances #prices #retailer #closures #warns #earnings
The Impartial
#Shoe #Zone #blames #Finances #prices #retailer #closures #warns #earnings
Holly Williams , 2024-12-18 08:47:00
