USA: Payless Shoesource Slips 19 Per Cent In Q1
Leading footwear retailer Payless ShoeSource Inc on Wednesday suffered a 19 per cent slip in first quarter net income to $23.9 million from $29.7m in the year-ago period as price cuts ate into its gross margins.
The Kansas-based company said it underestimated demand for colour footwear but expects second quarter profits to climb 13-19 per cent year-on-year as it corrected the merchandising mistakes and cut expenses.
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