Shoe Zone’s FY24 Trading Update confirms performance broadly in line with expectations, with H2 trading impacted by unseasonal weather and ongoing cost headwinds (labour, energy, shipping etc.). The Group continues to invest in its store transformation strategy, whilst digital sales increased YOY, benefitting from the introduction of free delivery. On an ex-cash PE of 9.8x and yielding 4.1% we remain positive on the shares.