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Payless ShoeSource declares Q2 results
18 Aug '05
5 min read
Net earnings from continuing operations were $21.8 million in the second quarter 2005, compared with net earnings from continuing operations of $19.8 million in the second quarter 2004. Diluted earnings per share from continuing operations increased during the second quarter 2005 to $0.32 from $0.29 during the second quarter 2004.
Review Of First Half 2005 Operations
Sales during the first six months of 2005, totaled $1.39 billion, a slight increase over the first six months of 2004. During the first six months of 005, same-store sales increased 2.1 percent. During the first six months of 005, gross margin was 34.5 percent of sales versus 31.4 percent in the first ix months of 2004. During the first six months of 2005, selling, general and administrative expenses were 28.6 percent of sales versus 26.7 percent in the first six months of 2004.
The company's effective income tax rate on continuing operations was 9.9 percent for the first half 2005, including the benefit of released tax reserves relating to favorable income tax audit settlements in both the first nd second quarters. For the second half of fiscal year 2005, the effective income tax rate is expected to be approximately 35 percent, excluding the affect of any discrete items in the second half.
Operating profit for the first six months of fiscal 2005 was 81.2 million, compared with $52.7 million in the same period last year. During the first six months of 2005, net earnings from continuing operations were $53.5 million and diluted earnings per share were $0.79.
Review Of First Half 2005 Operations
Sales during the first six months of 2005, totaled $1.39 billion, a slight increase over the first six months of 2004. During the first six months of 005, same-store sales increased 2.1 percent. During the first six months of 005, gross margin was 34.5 percent of sales versus 31.4 percent in the first ix months of 2004. During the first six months of 2005, selling, general and administrative expenses were 28.6 percent of sales versus 26.7 percent in the first six months of 2004.
The company's effective income tax rate on continuing operations was 9.9 percent for the first half 2005, including the benefit of released tax reserves relating to favorable income tax audit settlements in both the first nd second quarters. For the second half of fiscal year 2005, the effective income tax rate is expected to be approximately 35 percent, excluding the affect of any discrete items in the second half.
Operating profit for the first six months of fiscal 2005 was 81.2 million, compared with $52.7 million in the same period last year. During the first six months of 2005, net earnings from continuing operations were $53.5 million and diluted earnings per share were $0.79.
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