Times are clearly tough at all price levels and on Wednesday, value-focused footwear and accessories retailer Shoe Zone underlined that fact.

It said that for the first two months of its financial year and the first half of December, it “has experienced very challenging trading conditions, principally a weakening of consumer confidence and unseasonal weather, both of which have decreased revenue and profit”.

It said consumer confidence declined further following the UK Budget in October, “and as a result of this Budget, the company will also incur significant additional costs due to the increases in National Insurance and the National Living Wage. These additional costs have resulted in the planned closure of a number of stores that have now become unviable. The combination of the above will have a significant impact on our full-year figures”.

The update came with the firm slashing its profit expectations. It added that it “now expects adjusted profit before tax for the financial year ending 27 September 2025 to be not less than £5 million, down from previous expectations of £10 million. In addition, and in light of the above, the company is not proposing to pay a final dividend for the financial year ended 28 September 2024”.

We’ll hear more from the business on 21 January when it delivers its FY24 annual results.