USA: Comp Sales Up 13.4 Per Cent For Shoe Pavilion
Shoe Pavilion today announced net income of $389,000, or $.06 per share, for the third quarter ended September 30, 2000 a 58.8 per cent increase compared to net income of $245,000, or $.04 per share, for the third quarter of 1999. Net income for the nine months ended September 30, 2000 was $1.8m, or $.26 per share compared to net income of $1.6m, or $.24 per share, for the same period in 1999.Net sales increased 25.3 per cent to $23.1m for the third quarter ended September 30, 2000, from net sales of $18.5m for the same period in 1999. Net sales for the nine months ended September 30, 2000 were $67.4m, a 35.1 per cent increase from sales of $49.9m for the same period in 1999. Comparable store sales increased 13.4 per cent for the third quarter ended September 30, 2000 from the same period in 1999.During the quarter ended September 30, 2000, the company opened three new stores and closed two stores. As of October 31, 2000 the company operated 113 stores and licensed shoe departments."Our momentum in same store sales from the second quarter was sustained in the third quarter with another double digit increase of 13.4 per cent," said Dmitry Beinus, chairman and CEO of Shoe Pavilion. "We are pleased with our performance for the third quarter which resulted in the increased earnings compared with the third quarter last year," he added.
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