Payless May Comp Store Sales Decrease 10%

Payless ShoeSource, Inc. reported that same-store sales decreased 10.0 percent during the May reporting period, the four weeks ended May 31, 2003.

Company sales totaled $236.5 million, a 9.2 percent decrease from $260.6 million during fiscal May of last year.

Total sales for the first four months of fiscal 2003 were $934.2 million, a 6.5 percent decrease from $998.8 million during the similar period in fiscal 2002.

Same-store sales decreased 7.2 percent during the first four months of the fiscal year.

Sales were as follows:

MAY SALES (DOLLARS IN MILLIONS)

    Fiscal                Fiscal            Percent         Same-Store Sales*
     2003                 2002             Increase/        Percent Increase/
                                           (Decrease)           (Decrease)
    $236.5                $260.6             (9.2)%               (10.0)%

                     YEAR-TO-DATE SALES (DOLLARS IN MILLIONS)

     Fiscal               Fiscal            Percent         Same-Store Sales*
     2003                  2002            Increase/        Percent Increase/
                                           (Decrease)            (Decrease)
    $934.2                $998.8             (6.5)%                (7.2)%