Shoe Pavilion, Inc. saw net sales for the fourth quarter ended December 30, 2006 increase 38.7% to $40.9 million from $29.5 million for the same period last year. Comparable store net sales for the quarter rose 8.6%. Sales from new and relocated stores contributed $10.9 million in the quarter.
Net sales for the full fiscal year jumped 28.1% to $131.3 million from $102.5 million in 2005. Comparable store net sales for the year increased 3.9%. Sales from new and relocated stores contributed $32.9 million.
During the quarter, the company opened nine new stores and closed one store for which the lease had expired, bringing the total number of stores in operation to 108 as of December 30, 2006.
Dmitry Beinus, Chairman and CEO of the Company, stated: “We are extremely pleased with the 38.7% increase in total net sales and the 8.6% increase in comparable store net sales for the fourth quarter and believe that our strong fourth quarter performance was the result of matching product selection with consumer demand. It is also noteworthy that this increase was achieved on top of an 18.9% increase in total net sales and a 5.5% increase in comparable store net sales in the fourth quarter of 2005.”
