TAKING THE BOTTOM LINE ON THE SHOE BIZ.(Shoe Pavilion Inc. Q4 earnings, R.G. Barry Corp.'s stock price increase and NexCen Brands Inc acquires ice cream firms)

Footwear News, February, 2007

MIXED Q4: Despite reporting a 39 percent increase in fourth-quarter revenues to $40.8 million, Shoe Pavilion Inc. said Thursday at the close of the market that net earnings fell 21 percent to $971,000, or 10 cents a diluted share. The earnings results, which were ahead of analysts' estimates for 8 cents, reflected higher occupancy costs related to the rollout of nine new stores in the quarter. That, combined with lower selling margins, sent Shoe Pavilion's gross profit margins down to 33.8 percent of sales, from 36.3 percent last year. Comp-store sales in the quarter were up 8.6 percent, and the company forecast first-quarter comps to rise 8 percent to 10 percent. Net sales in the first quarter are projected to reach $37 million to $39 million, but Shoe Pavilion...

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