A strong fourth quarter helped Shoe Pavilion, Inc. into the black for the fiscal year, a turnaround from the red ink flowing the year before. Net sales increased 11.5% to $24.8 million for the fourth quarter ended January 1, 2005, compared to net sales of $22.2 million for the year-ago quarter. Net sales for the fiscal year increased 2.6% to $85.8 million compared to $83.6 million for 2003, which included an additional $1.5 million from an extra week in Q4. Comparable store sales for the year increased 3.9%.
Net income was $1.0 million, or 14 cents per diluted share, for the quarter, compared to a loss of $60,000, or a penny per share in Q4 of 2003. For the year, the company reported net income of $2.1 million or 30 cents per diluted share compared to a net loss of $2.9 million or 43 cents per share for 2003.
