Expressing "disappointment" and "lower than expected sales,"Peter Edison, chairman and CEO of the locally based 258-unit chain,said the first-quarter performance "reflected a lack of enthusiasmfor our fashion footwear by our core customers and an unfavorableresponse to our spring assortments across our key fashioncategories."
Acknowledging a continuing slide in May, Edison said, "We hopeto show improvement in the fall season, as our efforts to providecompelling fall/holiday assortments while maintaining tightmanagement of inventory and expenses bear fruit."
Inventories did tighten during first quarter, he said. By theend of the quarter they were down 1.4% from the same quarter a yearago, despite the addition of 13 net new units since the samequarter of 2006.
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