Family footwear retailer Payless ShoeSource Inc reported that the same-store sales decreased 0.6 percent during the September reporting period, the five weeks ended October 1, 2005. All data in this press release relate to continuing operations.
Company sales totaled $235.7 million, a 2.2 percent decrease from $240.9 million during fiscal September of last year.
- The fiscal year for operations in the company's Latin American region and Japan is based on a December 31 year-end. Operations in the company's Latin American region (178 stores) and Japan are included in total company results on a one-month lag relative to results from other regions.
- Same-store sales represent sales of those stores in the United States, Canada, Puerto Rico, Guam and Saipan that were open during both periods. Same-store-sales exclude stores in the company's Latin American region.
Matt Rubel, Chief Executive Officer (CEO) and President said that sales results for September were below expectations. Looking forward, they are focusing on the consumer and on making an emotional connection through fun, fashionable product, strong brand communications and a more compelling point of sale experience.
The company remains committed to its goal of achieving low single-digit positive same-store sales growth through more consistent execution of its strategy.
The company closed approximately 130 stores in areas impacted by Hurricane Katrina. To date, 28 of those stores remain closed. Store closings related to Hurricane Rita peaked at approximately 139 stores. Currently, 12 stores impacted by Rita remain closed.
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