Off-price footwear retailer Shoe Pavilion has reported a net income drop for the third quarter of 2005 despite net and same-store increases.

Third-quarter profit was $293,000 compared to $24,000 last year, on a 20.1 per cent net sales rise to $24.8m from $20.7m. Same-store sales were up 7.8 per cent during the period.

Net income for the nine months ended 1 October 2005 was $1.4m compared to $1.1m a year ago.

Nine-month net sales grew 19.8 per cent to $73.0m from $61.0m last year.

Shoe Pavilion is an independent off-price footwear retailer that sells women's, men's and children's footwear, typically at 20 per cent to 60 per cent below department store prices.