Payless ShoeSource today reported that same-store sales increased 2.8 percent during the July reporting period, the four weeks ended August 2, 2003.
Company sales totaled $203.6 million, a 3.0 % increase from $197.6 million during fiscal July of last year.
Sales for the second quarter were $731.5 million, a 5.8 % decrease from $776.2 million in the second quarter 2002. Same-store sales decreased 6.4 % during the second quarter.
Total sales for the first six months of fiscal 2003 were $1.43 billion, a 5.6 % decrease from $1.51 billion during the similar period in fiscal 2002. Same-store sales decreased 6.3 % during the first six months of the fiscal year.
Sales were as follows:
JULY SALES (DOLLARS IN MILLIONS)
Fiscal Fiscal Percent Same-Store Sales*
2003 2002 Increase/ Percent Increase/
(Decrease) (Decrease)
$203.6 $197.6 3.0% 2.8%
2nd QUARTER SALES (DOLLARS IN MILLIONS)
Fiscal Fiscal Percent Same-Store Sales*
2003 2002 Increase/ Percent Increase/
(Decrease) (Decrease)
$731.5 $776.2 (5.8)% (6.4)%
YEAR-TO-DATE SALES (DOLLARS IN BILLIONS)
Fiscal Fiscal Percent Same-Store Sales*
2003 2002 Increase/ Percent Increase/
(Decrease) (Decrease)
$1.43 $1.51 (5.6)% (6.3)%
*Same-store sales represent sales of those stores open during both
periods.
July sales reflected more seasonable weather and favorable customer response to the company's stepped-up promotional events.
Consistent with previous statements by the company, the aggressive promotional environment put pressure on margins and earnings throughout the second quarter. The company expects to achieve a small profit for the second quarter, ended August 2, 2003. The company intends to report results for the second quarter on Wednesday, August 13, 2003.
