Shoe Zone says cash running ahead of budget, launches buyback

(Sharecast News) - Shoe Zone shot higher on Tuesday after the value shoe retailer announced the launch of a £3.47m share buyback and said cash equivalents were ahead of its original budget. In a very brief statement, the company said trading has continued positively throughout July and as a result, cash and equivalents as at 25 July stood at around £7m ahead of the original budget.

For the year to 3 October, Shoe Zone continues to expect an adjusted pre-tax loss of no more than £1m.

Last month, the company said it expected a smaller full-year loss than previously forecast as sales in May and June were ahead of market expectations.

At 1015 BST, the shares were up 23% at 75p.

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