Shoe Pavilion reported Q1 net income of $352,000 or $.05 per share for the first quarter ended April 3, 2004, compared to a net loss of $1.3 million or (19 cents) per share for the same period last year. Net sales increased 5.3% to $19.6 million for the first quarter ended April 3, 2004, from net sales of $18.6 million for the same period in 2003. Comparable store net sales increased 6.0% for the first quarter ended April 3, 2004 from the same period last year.
Gross profit as a percentage on net sales increased to 33.8% for the first quarter ended April 3, 2004 from 22.8% for the same period last year. This improvement in gross profit was in part due to fewer markdowns taken in the first quarter ended April 3, 2004.
Mr. Beinus, the Company's Chairman and CEO, stated, “I am extremely pleased with the operating results for the first quarter, especially the progress the Company has made in improving its gross profit.”
During the quarter ended April 3, 2004 the Company closed one store in which the lease had expired and opened one store bringing the total number of stores the Company operates to 85.
Shoe Pavilion, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share and number of stores)
Quarter Ended
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April 3, March 29,
2004 2003
Net sales $ 19,573 $ 18,583
Cost of sales and related occupancy expenses 12,948 14,346
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Gross profit 6,625 4,237
Selling, general and administrative expenses 5,969 6,374
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Income (loss) from operations 656 (2,137)
Interest expense (72) (60)
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Income (loss) before income taxes 584 (2,197)
Income tax benefit (expense) (232) 879
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Net income (loss) $ 352 ($1,318)
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Earnings (loss) per share:
Basic $ 0.05 $ (0.19)
Diluted $ 0.05 $ (0.19)
Weighted average shares outstanding:
Basic 6,800 6,800
Diluted 6,816 6,800
Stores operated at end of period 85 87
