Shoe Zone (SHOE)

Shoe Zone SHOE Logo

A footwear retailer in the UK and the Republic of Ireland.

24-Oct-2017 – 155p – £77.5m

Trading Update For The 52 Weeks Ending September 2017 – Revenue will be approximately £158m (£159.8m last time) and “the Board expects to deliver full year PBT broadly in line with expectations”. Not the most positive of updates.

To me, even the PER of 9.30 looks generous here.

10-Jan-2018 – 162p – £79.4m – PER 9.63

Preliminary Results for the Year To End September 2017 – Revenue flat at £157.8m (£159.8m last time) reflecting the continued planned closure of loss making stores, statutory PBT of £9.5m (£10.3m last time), primarily due to the adverse impact of foreign exchange on imported goods into the UK. EPS is down to 15.8p from 16.9p last time and Cash stands at £11.8m versus £15.0m last time. Total Dividend per share of 10.2p, 10.1p last time.

Seems pretty much in-line here, may be tempting for those seeking income (6%+ yield). But, I think that’s all one can expect with 2018 forecasts flat compared to 2017.

24-May-2018 – 172p – £86.0m – PER 10.2

Interim Results For The 6 Months To End March 2018 – Says first half in-line but based on the forecasts, I am not so sure it is.

The low PER and great yield may tempt some. I will remain Neutral for now.

15-Oct-2018 – 164.5p – £82.1m – PER 10.0

Trading Update For The 52 Weeks To The 29th September 2018 – Expects to report Revenue up 1.8% to £161m (£157.8m last time), PBT to be ahead of market expectations at £11m+. Net Cash strong and expects to pay a Special Dividend, seems like about 5%. This year has started well.

Nice to see a “high street” retailer doing well, the Dividend (plus the Special Dividend) comes in at 10%+, even I am quite tempted to get off my Neutral stance here – Adding it to the Watchlist.

Subsequent note: After further research it appears 2019E EPS is forecast to fall so I am going Neutral here and will keep an eye out for upgrades.

9-Jan-2019 – 179.5p – £89.6m – PER 10.9

Preliminary Results For The 12 Months To End September 2018 – Revenue up 1.8%, Statutory PBT up 18.4%, EPS up 20.7%, Final Dividend up 17.6% and a Special of 8p too meaning Total Dividend is up 91.2%.

I am Neutral here but will keep an eye out for Broker notes following these results as they look quite good.

21-May-2019 – 227p – £113m – PER 12.9

Interim Results For The 6 Months To End March 2019 – Static (at best), which seems to be in-line, FY in-line.

I reckon I am comfortable enough waiting to see how the FY looks here although I will also keep an eye out for updated Broker notes in the meantime.

30-Aug-2019 – 192p – £96m – PER 11

Trading Update And Board Changes – Chief Exec resigns and FY will be below expectations with no Special Dividend this year.

EPS was already forecast to be down on last year here so this is definitely not for me at present.

24-Oct-2019 – 118p – £59m – PER 7

Trading Update For The 53 Weeks To 5th October 2019 – Expects flat Revenue and PBT to be in-line with revised market expectations, Net Cash at £11.3m (£15.7m), confirms no Special Dividend this year.

Still nothing here for me at present.

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