Off-price footwear retailer Shoe Pavilion has reported good full-year financial results after successfully identifying "appropriate inventory items" to suit customer demand.

Net income for the fourth quarter of 2004 totalled $1.0 million compared to a net loss of $60,000 for the fourth quarter of 2003.

Fourth-quarter net sales grew 11.5 per cent to $24.8m compared to net sales of $22.2m for the same quarter last year. Fourth-quarter same-store net sales rose 14.7 per cent in 2004.

For the 2004 financial year, the company saw net income of $2.1m compared to a net loss of $2.9m last year.

Full-year net sales rose 2.6 per cent to $85.8m compared to last year's sales of $83.6m. Same-store net sales for 2004 increased 3.9 per cent.

Dmitry Beinus, Shoe Pavilion's chairman and chief executive officer, said that the company was "particularly proud" of its fourth-quarter results and added that the company plans to open between 15 to 20 stores over the next 18 months.

Shoe Pavilion is an independent off-price footwear retailer that sells women's, men's and children's designer label and brand name footwear and related accessories. The company operates 84 stores throughout the US.