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Payless ShoeSource posts Q4 loss

Feb '06
Footwear retailer Payless ShoeSource Inc has reported a net loss of $5.6 million for the fourth quarter ended January 28th 2006, including the cumulative effect of a change in accounting principle.

The 2005 fourth quarter net loss before cumulative effect of change in accounting principle was $1.5 million. This compares to a net loss of $26.5 million for the fourth quarter of 2004.

Fourth quarter 2005 results include pre-tax restructuring charges of approximately $1.9 million relating to continuing operations compared with restructuring charges of $7.3 million fourth quarter 2004.

Net earnings were $66.4 million for fiscal year 2005, compared to a net loss of $2.0 million for fiscal year 2004. Net earnings from continuing operations were $74.2 million for fiscal 2005 compared to net earnings from continuing operations of $35.1 million in fiscal 2004.

"We are pleased with our fiscal 2005 results," said Matt Rubel, President and Chief Executive Officer of Payless ShoeSource Inc.

"We achieved our goals to deliver low single-digit, positive same-store sales for the year, improve our margins, and significantly increase earnings and operating profit. We are moving forward strongly positioned to develop and implement our strategy to inspire fun, fashion possibilities for the family."

Sales during the fourth quarter 2005 totaled $611.3 million, a 0.7 percent increase from $607.2 million during the fourth quarter 2004. Same-store sales increased 2.3 percent during the fourth quarter 2005. Average footwear unit retail for the quarter increased by 6.6 percent and footwear unit sales decreased by 3.9 percent relative to the same period last year.

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