Tripped up by plunge in sterling: Shoe Zone profits slump amid Brexit vote fallout

Retailer Shoe Zone has seen half-year profits tumble more than 80 per cent after the Brexit-hit pound sent its buying costs soaring, and sales fell amid a store overhaul. The group’spre-taxprofitsplunged to £309,000 in the six months to 1 April, from £1.9 million a year earlier. Shoe Zone buys its stock from China in US dollars and has been hit hard by sterling’s fall since the EU referendum. Sales also came under pressure, down 2.3 per cent to £72.9 million, as a restructure of its store estate saw the group close 12 outlets and open nine.