USA: Payless ShoeSource Net Declines But EPS On Target
Footwear retailer Payless ShoeSource Inc on Wednesday said third-quarter net earnings fell six per cent due to higher interest expenses on long-term debt added to fund a self-tender. Earnings per share, boosted by sharp year-to-year reduction in company shares outstanding, rose to meet analysts' forecasts.The company also forecast a 23 per cent increase in diluted earnings per share in fiscal 2000, excluding one-time items. It said its goal for 2001 is to increase earnings per diluted share by 15 per cent and achieve same-store sales increases in the low single digits.The company said net earnings for the third quarter, ended October 28, fell to $32.4m from a profit of $34.6m in the same quarter a year ago. Earnings per diluted share in the quarter, on a strength of a cut in common shares outstanding to 22.5 million from 31.1 million at the end of third quarter 1999, rose 30 per cent to $1.44 from $1.11 a year ago.Wall Street analysts on average expected the retailer to earn $1.44 a share, according to research firm First Call/Thomson Financial, which tracks earnings data.Company sales for the quarter climbed to $723m from $669.4m a year ago. Same-store sales, or sales at stores open more than a year, increased 4.1 per cent in the quarter.(C) Reuters Limited 2000.
Get full access to all content, just $1 for 30 days
A Message From The Editor
just-style gives you the widest apparel and textile market coverage.
Paid just-style members have unlimited access to all our exclusive content - including 17 years of archives.
I am so confident you will love complete access to our content that today I can offer you 30 days access for $1.
It’s our best ever membership offer – just for you.
Leonie Barrie, editor of just-style
Help test our new apparel sourcing tool.
- What TTIP might mean for US, EU textiles & apparel
- Unlocks for the future fashion sourcing landscape
- Four steps to reduce product defects
- EU eyes mandatory due diligence for apparel supply
- Geo-political uncertainty and how to survive it
- US Q4 in brief – Finish Line, Oxford Industries
- H&M, VF Corp and Levi among most ethical companies
- Sears has "substantial doubt" of future
- Vietnam limits hazardous chemicals in apparel
- Target unveils "ambitious" store re-design plans
- Central and East Europe Report Package
- Central America strategic sourcing review - a focus on Guatemala, El Salvador and Honduras
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- When Things Go Wrong - A Practical Guide to Managing Common Problems in Apparel Sourcing
- Outdoor performance apparel 2016: A broader perspective