Despite higher sales Shoe Pavilion covers all bases
Bucking the trend of falling sales seen in the results of some lower and mid-range US footwear retailers such as Shoe Carnival and Foot Locker over the past few weeks, Shoe Pavilion has reported a significant increase of 18.2% for the third quarter, taking net sales to $37.3 million, up from $31.6 million in the same period last year.
But, despite this improvement the company does not appear confident about the future profitability for footwear sales as it has also announced that it is to branch out and expand its product offering to include denim, sportswear, accessories and fragrances. Commenting on the move Dmitry Beinus, president and chief executive, said, “While we were pleased that our sales and comparable store sales increased in the third quarter compared to the prior-year period, we are continuously reviewing opportunities to optimise our performance and improve store productivity while bringing new product offerings to our customers. To that end, we are excited that we successfully tested a new initiative to bring branded consignment denim, sportswear, accessories and fragrance merchandise into our stores. We will be rolling out this initiative into all of our stores through the next fiscal year.”
