The US's largest shoe store chain, Payless ShoeSource Inc, said it expects to post operating earnings of 35 cents to 40 cents a share in the fourth quarter, excluding a pre-tax restructuring charge of $18 million to $20 million, or 50 cents to 55 cents a share.

The company's November same-store sales fell 3 per cent, and total sales for the four weeks ended 1 December declined 0.4 per cent to $216 million from $217 million a year earlier.

According to Payless, same-store sales for ten months of the year to date fell 2.2 per cent, while total sales increased 0.9 per cent to $2.49 billion from $2.47 billion a year earlier.