US: Shoe Pavilion suffers Q3 loss
Off-price shoe chain Shoe Pavilion reported a net loss in the third quarter of the year, on soft same-store and new store sales.
Net loss totalled US$318,000 compared to an income of $293,000 a year ago. Total sales were up 28% while same-store sales edged up 3.7%.
Bruce Ross, executive VP and CFO, said: "Our results for the quarter were consistent with the high end of our net loss estimates."
Ross blamed slow sales on "unseasonably warm weather".
"Although we generated top line growth of 28%", he added, "our operating margins were reduced due to the increased number of newly opened stores as a percentage of our total store base".
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Shoe Pavilion has posted a net sales increase of 38.6%, or $11.3m, to $40.8m for the fourth quarter ended 31 December 2005....
Off-price footwear retailer Shoe Pavilion said fourth-quarter same-store sales went up 8.6%, contributing to a full-year comparable sales rise of 3.9%....
Off-price footwear retailer Shoe Pavilion missed third-quarter expectations as same-store sales and net sales failed to meet forecasts....
Shoe Pavilion has announced that net sales increased 26% to US$31.4m in the second quarter from $24.9m in the prior year period. Same-store sales increased 3.9%....
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