Payless June Comps Fall 9.1%

Payless ShoeSource, Inc. reported that same-store sales decreased 9.1 % for June. Company sales totaled $291.3 million, an 8.4 % decrease from $318.0 million during fiscal June of last year.

Total sales for the first five months of fiscal 2003 were $1.23 billion, a 6.9 % decrease from $1.32 billion during the similar period in fiscal 2002.

Same-store sales decreased 7.7 % during the first five months of the fiscal year.

Sales were as follows:

JUNE SALES (DOLLARS IN MILLIONS)

     Fiscal               Fiscal             Percent      Same-Store Sales*
      2003                  2002             Increase/            Percent
                                             (Decrease)   Increase/(Decrease)
     $291.3               $318.0               (8.4)%              (9.1)%

                     YEAR-TO-DATE SALES (DOLLARS IN BILLIONS)

     Fiscal                Fiscal             Percent     Same-Store Sales*
      2003                  2002             Increase/             Percent
                                             (Decrease)   Increase/(Decrease)
     $1.23                 $1.32               (6.9)%              (7.7)%

     

The company continues to expect second quarter earnings performance consistent with previous guidance, issued on June 17, 2003.