Payless Sales Inch Higher

Same-store first-quarter sales are up, but total sales are slightly down.
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Payless ShoeSource

(PSS)

said Thursday that same-store sales, or sales in stores open at least a year, increased 0.4% during the first quarter.

Total sales for the 13 weeks ended April 29 were $694.8 million, a 0.1% decrease from $695.2 million during the first quarter 2005.

"We had a solid sales performance for the quarter," the family footwear retailer said. "Importantly, full price selling picked up as we moved into spring, with a correspondingly favorable impact on gross margin."

Analysts are expecting earnings of 40 cents a share on revenue of $705.5 million in the first quarter. The Topeka, Kan.-based company first-quarter reports results on May 24.

The company's shares are trading down $1.03 at $22.48 Thursday.

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