Shoe Pavilion, Inc. announced net sales were $18.6 million for the first quarter ended March 29, 2003, compared to net sales of $21.4 million for the same period in 2002, a 13.2% decrease. Net sales from the Company’s retail stores and Gordmans licensed shoe departments were $18.6 million and $0.0, respectively, for the first quarter ended March 29, 2003 compared to $18.7 million and $2.7 million, respectively, for the same period last year. Comparable store net sales decreased 8.8 % for the first quarter ended March 29, 2003 from the same period last year.
As previously announced, on June 14, 2002 the license agreement with Gordmans department stores was terminated and the Company discontinued operating all 40 of its licensed shoe departments in Gordmans department stores.
Dmitry Beinus, Chairman and CEO of the Company, stated that “sales during the quarter and especially the month of March were negatively impacted by the current conflict and uncertainties in the Middle East.”
During the Quarter ended March 29, 2003 the Company closed one store in which the lease had expired, bringing the total number of stores the Company operates to 87.
