Payless Same-Store Sales Rise

So do shares.
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Footwear retailer

Payless ShoeSource

(PSS)

said same-store sales, or sales at stores open at least a year, increased 5.2% in the third quarter ended Oct. 28, on strength in women's and children's categories.

Third-quarter revenue rose 5.5% from the year-ago period to $703.4 million as against analysts' expectation of $679.4 million.

The Topeka, Kan.-based company expects earnings from continuing operations of 43 cents a share to 46 cents a share in the third quarter. This includes a favorable income tax impact of about 2 cents a share to 3 cents a share for changes in the effective income tax rate. Analysts surveyed by Thomson First Call are expecting earnings of 40 cents a share.

The company exited retail operations in Japan during the third quarter, closing its one test location with total exit costs of about $2 million.

Payless ShoeSource said it will no longer be issuing a quarterly sales release. Quarterly sales results, including same-store sales results, will be reported as part of the quarterly earnings release beginning fourth quarter, the company added.

Shares of the company were trading up $1.02, or 3.9% to $27.17 Thursday.

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