In the briefest of notifications to the London Stock Exchange (50 words) value footwear retailer Shoe Zone announced Tuesday (April 16) its CEO Anthony Smith has stepped down from its board “to increase his focus on the day to day running of the business”.

However, he will remain as a director of Shoe Zone’s operating subsidiary, Shoe Zone Retail, and his board exit has been fully endorsed by its directors.

Smith leads the retailer alongside his brother and chairman Charles Smith, becoming chief executive of Shoe Zone for a second time in late 2019 following the departure of then-CEO Nick Davis, who had been with the firm since 2003.

It’s fair to say the budget retailer has travelled a rocky road pre- and post-pandemic with a series of below-expectation trading performances but a more recent turnaround.

Taking up the post at the time, Smith described 2019 as a “difficult year” before spearheading the turnaround with a move to big-box locations but with town centre stores still “an important component of our proposition.”

The following summer, the Smiths increased their stakes in the business, controlling 50.48% of the total voting rights between them.

Fast-forward to this January and its annual results showed a business had got its restructuring/rationalisation formula just right, with higher revenue and profit. Revenue rose to £165.7 million in the 52 weeks up to 30 September, from £156.2 million a year earlier. Store revenue was £134.8 million up from £129.8 million. And digital revenue rose as well, reaching £30.9 million from £26.4 million.

Pre-tax profit jumped to £16.2 million from £13.6 million and adjusted pre-tax profit reached £16.5 million after £11.2 million in the previous year.

At the time it said the results reflected a very positive year “with strong and consistent results throughout the key trading periods, particularly in the second half, with strong peak summer and Back to School trading”.