Shoe Pavilion, Inc. announced comparable store net sales decreased 3.7% and 1.0%, respectively, for the fourth quarter and twelve months ended December 28, 2002 from the same periods last year.
Net sales were $20.6 million for the fourth quarter ended December 28, 2002, compared to net sales of $23.9 million for the same period in 2001, a 13.5% decrease. The decrease in net sales was attributable to the discontinuation of the Gordmans licensed shoe departments. Net sales from the Company’s retail stores and Gordmans licensed shoe departments were $20.6 million and $0.0, respectively, for the fourth quarter ended December 28, 2002 compared to $19.7 million and $4.2 million, respectively, for the same period last year.
Net Sales for the twelve months ended December 28, 2002 were $83.8 million, a 5.0% decrease from net sales of $88.1 million for the twelve months ended December 29, 2001. Net sales from the Company’s retail stores and Gordmans licensed shoe departments were $78.8 million and $5.0 million, respectively, for the twelve months ended December 28, 2002 compared to $73.6 million and $14.5 million, respectively, for the same period last year.
As previously announced, on June 14, 2002 the license agreement with Gordmans department stores was terminated (due to Gordmans default) and the Company discontinued operating the 40 licensed shoe departments in Gordmans department stores.
During the quarter ended December 28, 2002 the Company opened five new stores bringing the total number of stores the Company operates to 88 as of December 28, 2002.
