Payless ShoeSource, Inc. saw same-store sales increase 5.2% during the third quarter. Total sales for the quarter increased 5.5% to $703.4 million from $666.5 million one year ago.
Sales were as follows (unaudited):
THIRD QUARTER SALES (DOLLARS IN MILLIONS)
Fiscal Fiscal Percent Same-Store Sales**
2006* 2005* Increase Percent Increase
$703.4 $666.5 5.5% 5.2%
YEAR TO DATE SALES (DOLLARS IN BILLIONS)
Fiscal Fiscal Percent Same-Store Sales**
2006* 2005* Increase Percent Increase
$2.10 $2.05 2.4% 2.6%
* The fiscal year for operations in the company's Latin American region is
based on a December 31 year-end. Operations in the company's Latin
American region (180 stores) 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.
“We are very pleased with our sales results for the third quarter,” said Matt Rubel, President and Chief Executive Officer of Payless ShoeSource. “Footwear sales were strong across all segments of our women's and children's categories.”
Based on third quarter results, the company expects diluted earnings per share from continuing operations for the third quarter to be in the range of 43 cents to 46 cents, which includes a favorable income tax impact of approximately 2 cents to 3 cents per diluted share for changes in the effective income tax rate.
As previously announced, the company exited retail operations in Japan during the third quarter, closing its one test location. Total exit costs are estimated to be approximately $2 million pre-tax and before minority interest, with virtually all costs incurred in the third quarter of 2006. Results of Japan retail operations for all periods will be reported as discontinued operations.
