US: Shoe Pavilion Q4 sales up 38.6%
Shoe Pavilion has posted a net sales increase of 38.6%, or US$11.3m, to $40.8m for the fourth quarter ended 31 December 2005.
Same-store net sales for the fourth quarter rose 8.6% from the same period in fiscal 2005.
Gross profit was 33.8% in the fourth quarter compared to 36.3% in the same period last year, while net income for the fourth quarter decreased 21.1% to $971,000, the company said.
Shoe Pavilion chairman and CEO Dmitry Beinus said: "Our net sales were in line with our expectations and our net income was slightly better than expected. We are pleased to have successfully continued our store rollout plans with the opening of nine new stores during the quarter."
During the quarter, Shoe Pavilion opened new stores in West Los Angeles, Irvine, Rocklin, San Marcos, Petaluma and Tracy, California; Oracle and Yuma, Arizona; and Arlington, Texas.
In its outlook, the footwear retailer said that for the first quarter of 2007 it expects same-store net sales will increase 8% to 10%, and that comparable-store net sales will increase 4% to 5% for the fiscal year 2007.
It anticipates net sales of $37m to $39m for the first quarter of 2007, and net sales of $172.5m to $180.0m for fiscal 2007.
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