Shoe Pavilion, Inc. announced net sales increased 17.0% to $27.3 million for the thirteen-week first quarter period ended April 1, 2006, compared to net sales of $23.3 million for the thirteen week first quarter period ended April 2, 2005. Comparable store net sales for the thirteen-weeks ended April 1, 2006 decreased 1.1%.
During the quarter ended April 1, 2006 the Company opened 5 new stores and closed 2 stores when the leases expired. The two closed stores have been relocated in close proximity to enhanced prominent retail sites which are each approximately 19,000 square feet, representing the Company's larger store format prototype.
Dmitry Beinus, Chairman and CEO of the Company stated “Our sales for the first quarter were in line with the guidance we provided earlier in the quarter. While our comp sales for the quarter were slightly negative, it is on top of the 10.7% comp increase we achieved in the 1st quarter of 2005 which was our highest comp quarter for last year. We successfully opened 3 new stores in Texas during the first quarter and are pleased with the sales performance in our newest market which we have entered. We plan to have two additional stores opened in Texas by the end of this year as part of our cluster store strategy.”
