Off-price footwear retailer Shoe Pavilion Inc reported a 1 per cent increase in total net sales to $23.9 million for the fourth quarter ended 29 December 2001, from $23.6 million for the previous year. Net sales for the year were $88.1 million, a 3.2 per cent decrease from the $91.1 million reported for the year ended 30 December 2000.

Comparable store net sales decreased 4.2 per cent for the fourth quarter and decreased 5.9 per cent for the year end.

The company said net income was $.05 per share for the fourth quarter against a net loss of $.09 per share, for the same period last year. Net income increased 24 per cent for the year ended 29 December to $1.5 million, or $.21 per share, compared to net income of $1.2 million, or $.17 per share for the prior year.

Shoe Pavilion#;s license agreement with Gordmans department stores ends on 29 June 2002, and the company says its focus during the coming year is “to replace the Gordmans' business by improving same store results and opening new stores in carefully targeted markets.”

It also says it will engage a third party to provide the warehousing and distribution services. Separate office space will be leased for its merchandising and administrative staff.