Richmond-based Shoe Pavilion reports record sales
RICHMOND, Calif.--(BUSINESS WIRE)-- Shoe Pavilion,
Inc. (Nasdaq:SHOE) Aug. 3 announced net income of $1.1 million, or $.17
per share, for the second quarter ended July 1, 2000 compared to net
income of $842,000, or $.12 per share, for the second quarter of 1999.
Net income for the six months ended July 1, 2000 was $1.4 million, or
$.20 per share, unchanged from net income of $1.4 million, or $.20 per
share, for the same period in 1999.
Net sales increased 45.1% to $25.0 million for the second quarter
ended July 1, 2000, from net sales of $17.2 million for the same
period in 1999. Net sales for the six months ended July 1, 2000 were
$44.3 million, a 40.8% increase from sales of $31.4 million for the
same period in 1999. Comparable store sales increased 13.4% for the
second quarter ended July 1, 2000 from the same period in 1999.
During the quarter ended July 1, 2000, the Company opened two new
stores and closed one store. Since the end of the quarter the Company
has opened two additional stores. The recent openings bring the total
number of stores and licensed shoe departments, net of closures, to
114 as of Aug. 3, 2000.
"We have made substantial improvement in our same store sales
during the second quarter with a 13.4% increase," said Dmitry Beinus,
Chairman and CEO of Shoe Pavilion. He continued, "We are pleased with
our performance for the second quarter this year, the recent quarterly
results are noteworthy, since the retail shoe category has been under
considerable competitive pressure during the past year."
Shoe Pavilion is the largest independent off-price footwear
retailer on the West Coast. It offers a broad selection of women's and
men's designer label and name brand footwear such as Esprit, Puma,
Clarks, Dexter, Skechers, Dr. Marten and Timberland, typically at 30%
to 70% below department store regular prices for the same shoes. The
Company has 79 of its own stores in California, Washington and Oregon
and Oklahoma and operates the licensed shoe departments of 35
Gordman's Department Stores in eight Midwestern states.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release contains certain
forward-looking statements that are subject to risks and uncertainties
that could cause the Company's actual results to differ materially
from management's current expectations. These factors include, without
limitation, change in the trend of same store sales, expansion into a
new geographic region, competitive pressures in the footwear industry,
changes in the level of consumer spending on or preferences in
footwear merchandise, the Company's ability to purchase attractive
name brand merchandise at reasonable discounts and the availability of
desirable store locations as well as management's ability to negotiate
acceptable lease terms and open new stores in a timely manner. Other
risk factors are detailed in the Company's filings with the Securities
and Exchange Commission.
Run dates: 2000-08-03 - 2000-08-10