Sales during fiscal 2005 totaled $2.67 billion, a 0.4 percent increase over sales of $2.66 billion in fiscal 2004. During fiscal 2005, same-store sales increased 2.4 percent.
In the fourth quarter 2005, the company opened 3 new stores and closed 24, for a net decrease of 21 stores. In addition, 8 stores were relocated. For the full year 2005, the company opened 46 new stores and closed 81 for a net reduction of 35 stores. In addition, 75 stores were relocated.
During fiscal year 2006, the company intends to open approx. 80 new stores and close approx. 60, for a net increase of approx. 20 new stores. It also plans to relocate approx. 130 stores.
Company sales for the month of February 2006 are estimated to be approx. $179 million, compared with sales of $182.5 million from continuing operations during February 2005. Same-store sales decreased 1.7 percent during February 2006, consistent with the company's internal plans which incorporated less promotional activity compared to a 13.5 percent same-store sales increase achieved in February 2005.
Payless ShoeSource remains committed to its long-standing goal to achieve low single-digit positive same-store sales on a consistent basis, through successful execution of its merchandising strategies.
Payless ShoeSource Inc is the largest specialty family footwear retailer in the Western Hemisphere. It operates a total of 4,605 stores offering quality family footwear and accessories at affordable prices.
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