Shoe Pavilion, Inc. announced net sales for the third quarter increased to $24.8 million, a 20.1% jump from $20.7 million for the same period last year. Comparable store net sales increased 7.8% for the quarter. Comparable store net sales for the nine month, year-to-date period increased 9.0% with net sales increasing 19.8% to $73.1 million from $61.0 million for the same period last year.
During the quarter ended October 1, 2005, the company opened four new stores and closed two stores in which the leases had expired, bringing the total number of stores the company operates to 89. Three of the new stores are located in Nevada. As part of its plan to operate larger stores, the company relocated one of its stores from a 4,500 square foot location to a new better-situated 19,000 square foot location within the same mall. In the fourth quarter of 2005, the company intends to open a new 23,000 square foot store to replace a 7,000 square foot store it closed during the third quarter. In addition, in the fourth quarter of 2005 the company intends to relocate one of its stores from a 5,000 square foot location to a new better-situated 18,000 square foot location within the same mall.
Shoe Pavilion is an independent off-price footwear retailer. It offers a broad selection of women's, men's and children's designer label and name brand footwear, typically at 20% to 60% below department store regular prices for the same shoes. The company has 89 stores in California, Washington, Oregon, Arizona and Nevada.
