You ever see ‘MythBusters’ on Discovery Channel? We dug into the facts surrounding PSS comps, and think that the myth of management overstating its comp exposure to weak parts of the country is Busted.
We’ve had several requests since PSS conference call about clarity on comp store sales, and whether management overstated a) PSS’ exposure to California and the Southwest, and b) the relative weakness in those particular states. Several companies noted yesterday with same-store-sales results that the Northeast, Midwest, and Southeast were the strongest regions. Furthermore, we plugged the lats and longs of all of the Payless US stores into our mapping software, and it spit out the results below. You ever see that show ‘MythBusters’ on Discovery? It’s the one where they test myths, movie stunts and legends to see if they are plausible according to the laws of physics. Well…we can pretty safely say that the myth of management overstating its exposure in states that were particularly weak in the quarter is officially ‘Busted.’