Shoe Zone reported its interim results for the six months to 30 March, with profits remaining flat.

The high street shoe retailer reached revenues of £73 million, down from £73.7 million posted during the same period in 2018.

Nevertheless, product gross margins increased to 62.0%, compared to 60.6% a year ago.

Meanwhile, the company reported a profit before tax of £1 million, unchanged from a year ago.

By the end of the period, Shoe Zone said it had funds of £3.3 million, down from £5.9 million the year before.

The group also reported statutory earnings per share of 1.65p, falling from 1.70p.

Shoe Zone also announced an interim dividend maintained at 3.5p per share.

Nick Davis, Chief Executive of Shoe Zone, commented:

“The first half of our financial year has been positive for the Group, trading in line with management’s expectations and achieving profitable revenue growth in our two key growth areas of Digital and Big Box.

Our ongoing strategic focus continues to be on the Big Box roll out with a target of 45 stores by the end of December 2019. This is progressing to plan and we will be operating from 33 Big Box stores by the end of May.”

Looking ahead, Mr Davis added:

Trading momentum has continued into the second half, in line with market expectations. With our growth strategy in place, we believe we are favourably insulated against many of the structural sector issues and the Board continues to look to the future with confidence.”

Shoe Zone (LON:SHOE) are currently trading down -5.73% as of 10:33AM (GMT).