New stores blamed for weak Q2 results at Shoe Pavilion

01/08/2007

US footwear retailer Shoe Pavilion, Inc. has posted net sales of $37.5 million for its second quarter ended June 30. Comparable store sales decreased by 1%.

The company is anticipating a net loss of approximately $1 million to $1.2 million for the quarter.

Results for the second quarter were negatively impacted by lower than expected sales at the company’s newest stores opened in the last 12 months. The 24 stores opened in 2006 generated sales that were below the company’s expectations, accounting for the majority of the expected loss.