Payless Comps Inch Up 0.4% for April

Payless ShoeSource, Inc. posted a comparable store sales increase of 0.4% during the first quarter. Total sales for the first quarter were $694.8 million, a 0.1% decrease from $695.2 million during the first quarter of 2005.

Sales were as follows (unaudited):

                   FIRST QUARTER SALES (DOLLARS IN MILLIONS)

           Fiscal       Fiscal       Percent       Same-Store Sales**
           2006*        2005*        Increase/     Percent
                                     (Decrease)    Increase/(Decrease)

           $694.8       $695.2       (0.1)%        0.4%


  *  The fiscal year for operations in the company's Latin American region
     and Japan is based on a December 31 year-end.  Operations in the
     company's Latin American region (177 stores) and Japan are included in
     total company results on a one-month lag relative to results from other
     regions.

  ** Same-store sales represent sales of those stores in the United States,
     Canada, Puerto Rico, Guam and Saipan that were open during both
     periods.  Same-store-sales exclude stores in the company's Latin
     American region and Japan.

“We had a solid sales performance for the quarter,” said Matthew E. Rubel, Chief Executive Officer and President. “Importantly, full price selling picked up as we moved into Spring, with a correspondingly favorable impact on gross margin.”