Payless November Comps Decline 5.2%

Payless ShoeSource reported that same-store sales decreased 5.2 percent during the November reporting period, the four weeks ended Saturday, November 29,
2003.Company sales totaled $208.5 million, a 4.0 percent decrease from $217.2 million during fiscal November of last year.

Total sales for the first ten months of fiscal 2003 were $2.35 billion, a
4.0 percent decrease from $2.44 billion during the similar period in fiscal
2002. Same-store sales decreased 4.7 percent during the first ten months of
the fiscal year.

     Sales were as follows:

                       NOVEMBER SALES (DOLLARS IN MILLIONS)
                                                   Same-Store
                                                     Sales*
                                        Percent     Percent
        Fiscal             Fiscal      Increase/    Increase/
         2003               2002      (Decrease)   (Decrease)

        $208.5             $217.2        (4.0)%      (5.2)%


                     YEAR-TO-DATE SALES (DOLLARS IN BILLIONS)

                                                   Same-Store
                                                     Sales*
                                        Percent     Percent
        Fiscal             Fiscal      Increase/    Increase/
         2003               2002       (Decrease)  (Decrease)

        $2.35               $2.44        (4.0)%      (4.7)%

    * Same-store sales represent sales of those stores open during both
      periods.

The company expects the retail environment to remain highly promotional
throughout the fourth quarter. Therefore, margins and financial results are
expected to remain under intense pressure through the end of the year.