Payless ShoeSource Inc reported that same-store sales decreased 1.5 percent during the December reporting period, the five weeks ended December 31, 2005. All data in this press release relate to continuing operations.
Company sales totaled $264.3 million, a 3.2 percent decrease from $273.1 million during fiscal December of last year. December results were impacted by stronger than expected November sales and timing shifts in receipt flows, which reduced inventory levels in the stores.
The lower inventory levels, combined with less aged product, will facilitate a cleaner transition into the spring season.
The company remains committed to its goal of achieving low single-digit positive same-store sales growth through more consistent execution of its merchandise strategy to inspire fun, fashion possibilities for the family.
At the end of fiscal December, 26 stores remained closed from the impact of hurricanes Katrina, Rita and Wilma.
Payless ShoeSource Inc is the largest specialty family footwear retailer in the Western Hemisphere. As of the end of fiscal December 2005, the Company operated a total of 4,615 stores, which includes the 26 stores that remain closed due to hurricanes.
Payless stores offer quality family footwear and accessories at affordable prices.
marketing@alchempro.com
