Footwear maker Payless ShoeSource Inc reported that for the second quarter of fiscal 2006, which ended July 29, 2006, diluted earnings per share increased to $0.48 from $0.29 during the second quarter of fiscal 2005.
The company recorded net earnings of $32.5 million during the second quarter 2006 compared with $19.9 million during the second quarter 2005.
During the first six months of 2006, net earnings were $68.5 million and diluted earnings per share were $1.01. This compares with net earnings of $50.1 million and diluted earnings per share of $0.74, in the first six months of 2005, a 36 percent increase in diluted earnings per share year-to-date.
Same-store sales increased 2.2 percent during the second quarter 2006. Company sales during the second quarter 2006 totaled $706.4 million, a 1.8 percent increase from $693.9 million during the second quarter 2005. Average unit retail for footwear increased by 12.3 percent and footwear unit sales decreased by 8.3 percent relative to the same period last year.
Sales during the first six months of 2006 totaled $1.40 billion, a 0.9 percent increase over the first six months of 2005. During the first six months of 2006, same-store sales increased 1.3 percent.
Gross margin was 34.5 percent of sales in the second quarter 2006 versus 33.9 percent in the second quarter 2005.
"We are pleased with our earnings growth in the second quarter," said Matthew Rubel, CEO and President of Payless ShoeSource Inc.
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