Shoe Zone, the discount shoe shop, reported a 26 per cent fall in pre-tax profits to £2 million for the six months to April 4.
Investors seemed to believe that the unsightly slump would soon buff out, though, with shares in the AIM-listed retailer rising by 7 per cent, to close 11½p higher at 174½p after the announcement yesterday.
The fall was in line with previous guidance from the company, and Anthony Smith, the chief executive, said that trading was meeting management’s expectations, thanks, in part, to a boost in sales through Amazon, the online retailer.
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The company is also pushing its wares through eBay, the auction site, and closing smaller stores in favour of larger outlets.
