Shoe Zone shares booted as Labour's budget tax raid weighs

Shoe Zone has been hit by the overhang of Labour’s budget.

Footwear retailer Shoe Zone has slashed its profit target in half for the full-year citing an overhang from Rachel Reeves’ 2024 Autumn Budget.

The London-listed firm said in a trading update on Wednesday it expects pre-tax profit for the financial year ending September 2025 to be around £2.5m. This marks a stark drop from previous expectations of £5m.

Shares in the firm plunged as markets opened with the stock down nearly 24 per cent to 64.70.

Shoe Zone said it had battled “challenging trading conditions” on the back of a “weakening in consumer confidence” following Labour’s inaugural budget .

The Chancellor hiked taxes to the tune of £40bn in last October with businesses baring a heavy burden after employer’s national in