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Archive for Saturday, February 23, 2002

Payless ShoeSource tops estimates

February 23, 2002

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Payless ShoeSource Inc., the largest U.S. shoe store chain, on Friday reported a fourth-quarter net loss compared with a year-earlier profit, hit by costs to close 104 stores.

The Topeka-based retailer, which cut about 230 jobs in the quarter, reported a net loss of $34 million, or $1.53 per diluted share, including a restructuring charge.

Excluding the charge, Payless reported earnings of $9.1 million, or 41 cents a diluted share, down from $13.9 million, or 62 cents a share, a year ago. Five analysts polled by Thomson Financial/First Call, on average, expected 36 cents a share. Their estimates ranged from 35 cents to 40 cents.

Payless shares climbed $1.74 to $58.62 Friday on the New York Stock Exchange.

Payless has a total of 4,964 stores, including one in Lawrence. Many Lawrence residents work at the company's world headquarters in eastern Topeka.

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