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Payless ShoeSource reports July comparable store sales drop 2.4%

05
Aug '05

New York City based largest family footwear retailer Payless ShoeSource Inc reported that same-store sales decreased 2.4 percent during the July reporting period, the four weeks ended July 30, 2005. All data in this press release relate to continuing operations. Company sales totaled $177.9 million, a 3.5 percent decrease from $184.4 million during fiscal July of last year.

The company's July sales performance was disappointing, reflecting softer than expected early back-to-school sales. Also, in the second quarter, the company expects to incur approximately $8 million of charges, pre-tax, associated with the management transition, including previously-disclosed charges of approximately $7 million related to the former Chief Executive Officer's employment agreement.

Matthew E. Rubel, Chief Executive Officer and President, said, "Company do not believe that July results are indicative of their longer term opportunities. In the two weeks since joining Payless, I have become even more confident that they can build on their unique and powerful platform as the largest specialty family footwear retailer in the Western hemisphere, by leveraging their outstanding strengths in sourcing and distribution. They remain committed to their goal of achieving low single-digit positive same-store sales growth through more consistent execution of our merchandise authority strategy.

"They will focus on building stronger emotional connections with the consumer through enticing product, powerful brand communications and compelling point of sale."

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