Shoe Zone (AIM:SHOE) reassuring trading update and decent value?
Having disappointed with a profit warning earlier in the year the value footwear retailer has reassured with its pre-close trading update. On many fronts the shares look decent value, much like the product offering, although that could also be considered to be looking a little tired!
The good news is that the Group has traded well in the second half of the year and expects to report revenues for the 52 week period to be in the region of £166.8m (2014: £172.9m), reflecting the continued planned closure of loss making stores. Pre-tax profit for the period is in line with expectations, being for pre-tax profit of £10.1m and eps of 16p with the full year dividend of 9.60p suggesting a yield of 4.6% at the current share price. The Group ended the year with 535 stores, having opened 18 and closed 28 during the period. The…