Payless ShoeSource ramps up $30.2mn in Q1 earnings

20 May '05

7 min read

largest specialty family footwear retailer payless shoesource inc reported that for the first quarter of fiscal 2005, which ended april 30, 2005, diluted earnings per share increased by 114 percent to $0.45 from $0.21 during the first quarter of fiscal 2004. the company recorded net earnings of $30.2 million during the first quarter 2005 compared with $14.1 million during the first quarter 2004.

the loss of ($1.5) million, or ($0.02) per share from discontinued operations during the first quarter 2005 primarily reflects additional expenses for contract terminations. discontinued operations include parade, peru, chile and 26 payless stores in north america. the company exited these operations during 2004 as part of a plan designed to sharpen the company's focus on its core business strategy, reduce expenses, accelerate decision-making, increase profitability, improve operating margin and build value for shareowners over the long-term.

diluted earnings per share from continuing operations increased during the first quarter 2005 by 81 percent to $0.47 from $0.26 during the first quarter 2004. net earnings from continuing operations were $31.7 million in the first quarter 2005, a 77 percent improvement over net earnings from continuing operations of $17.9 million in the first quarter 2004.

company sales during the first quarter 2005 totaled $695.2 million, a 0.4 percent increase from $692.3 million during the first quarter 2004. same-store sales increased 2.7 percent during the first quarter 2005. in total, unit sales decreased by 4.9 percent and average unit retail increased by 5.4 percent during the first quarter 2005, compared with the same period last year. for footwear, unit sales decreased by 1.4 percent and average unit retail increased by 2.8 percent relative to the same period last year.

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