Shoe Pavilion results improve
America’s Shoe Pavilion, Inc. has reported net income of $1.0 million for the thirteen week fourth quarter ended January 1, 2005, compared to a net loss of $60,000 for the fourteen week fourth quarter ended January 3, 2004, which included a before tax charge of approximately $1.0 million for costs associated with the settlement of a wage and hour lawsuit.
For the 52 week fiscal year ended January 1, 2005, the company reported net income of $2.1 million compared with a net loss of $2.9 million for the 53 week fiscal year ended January 3, 2004.
Net sales increased 11.5 % to $24.8 million for the thirteen week fourth quarter, compared with net sales of $22.2 million for the same period in 2004. Net sales for the fiscal year ended January 3, 2004 included $1.5 million in sales related to the additional week in the fourth quarter. Comparable store net sales for the thirteen weeks ended January 1, 2005 increased 14.7%. Net sales for the 52 week fiscal year increased 2.6% to $85.8 million.
"I am very pleased with our operating results for the year. We achieved both an increase in comparable store sales as well as improvement in our gross margin. We are particularly proud of our fourth quarter results in which our comparable store sales increased 14.7%. In 2004 we were able to successfully identify the appropriate inventory items to satisfy our customer's demands. During the next 18 months the company plans to open between 15 and 20 stores," said. Dmitry Beinus, chairman and CEO of the company.
