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New Market Opening Cuts Net at Shoe Pavilion

Additional audit expenses and costs associated with opening a new market in Dallas pulled down earnings at Shoe Pavilion Inc. for the first quarter of 2006. The Sherman Oaks-based footwear chain reported net income of $198,000 or $0.03 per diluted share for the quarter, compared with earnings of $406,000 or $0.06 per share for the comparable quarter a year ago. Revenues at Shoe Pavilion grew 17.2 percent to $27.3 million, versus $23.3 million in the year-ago period. “Our earnings per share for the first quarter are within the range of our EPS expectations and the earnings guidance which we provided on March 9, 2006,” said Dmitry Beinus, chairman and CEO of Shoe Pavilion in a press release. “In the first quarter, we absorbed approximately $500,000 or $0.04 per share in one time expenses related to the opening of stores in our new Dallas market and incremental audit fees associated with our year-end audit.” Beinus added that new unit growth plans for the year are on track and the company is pleased with the performance of the new stores opened during the most recent quarter.

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