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Shoe Pavilion Q1 earnings drop
11 May '06
2 min read
Footwear retailer Shoe Pavilion Inc announced results for its first quarter 2006, which ended on April 1st 2006.
Shoe Pavilion reported net sales for the first quarter ended April 1st 2006 increased 17.2 percent, to $27.3 million from $23.3 million for the same period last year. Comparable store net sales decreased 1.1 percent for the first quarter ended April 1st 2006 as compared to the same period last year.
Net income was $198,000, or $0.03 cents per diluted share, for the first quarter ended April 1st 2006 compared to net income of $406,000 or $0.06 cents per diluted share, for the first quarter ended April 2nd 2005.
Gross profit for the first quarter of 2006 increased 15.7 percent to $9.3 million or 34.0 percent of net sales compared to $8.0 million or 34.4 percent of net sales for the prior year.
The company opened five new stores and closed two stores during the first quarter of 2006 as part of its strategic plan that focuses on closing smaller stores and opening larger stores in power retail centers.
Dmitry Beinus, Chairman and CEO, stated, "Our earnings per share for the 1st quarter are within the range of our EPS expectations and the earnings guidance which we provided on March 9th 2006. In the 1st quarter we absorbed approximately $500,000, or $0.04 per share in one time expenses related to the opening of stores in our new Dallas Market and incremental audit fees associated with our year-end audit. Our new unit growth plans we previously communicated for this year are on track and we are pleased with the performance of the new stores opened this quarter."
Shoe Pavilion Inc is a leading independent off-price branded footwear retailer in the Western United States. It offers a broad selection of women's, men's and children's designer label and branded footwear, typically at 20 to 60 percent below department store regular prices. It has 93 stores in California, Washington, Oregon, Arizona, Nevada and Texas.
Shoe Pavilion reported net sales for the first quarter ended April 1st 2006 increased 17.2 percent, to $27.3 million from $23.3 million for the same period last year. Comparable store net sales decreased 1.1 percent for the first quarter ended April 1st 2006 as compared to the same period last year.
Net income was $198,000, or $0.03 cents per diluted share, for the first quarter ended April 1st 2006 compared to net income of $406,000 or $0.06 cents per diluted share, for the first quarter ended April 2nd 2005.
Gross profit for the first quarter of 2006 increased 15.7 percent to $9.3 million or 34.0 percent of net sales compared to $8.0 million or 34.4 percent of net sales for the prior year.
The company opened five new stores and closed two stores during the first quarter of 2006 as part of its strategic plan that focuses on closing smaller stores and opening larger stores in power retail centers.
Dmitry Beinus, Chairman and CEO, stated, "Our earnings per share for the 1st quarter are within the range of our EPS expectations and the earnings guidance which we provided on March 9th 2006. In the 1st quarter we absorbed approximately $500,000, or $0.04 per share in one time expenses related to the opening of stores in our new Dallas Market and incremental audit fees associated with our year-end audit. Our new unit growth plans we previously communicated for this year are on track and we are pleased with the performance of the new stores opened this quarter."
Shoe Pavilion Inc is a leading independent off-price branded footwear retailer in the Western United States. It offers a broad selection of women's, men's and children's designer label and branded footwear, typically at 20 to 60 percent below department store regular prices. It has 93 stores in California, Washington, Oregon, Arizona, Nevada and Texas.
Shoe Pavilion Inc
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