The recession hasn't slowed the need for women to buy shoes.
Vancouver's Sterling Shoes Income Fund (TSX:SSI.UN), which operates under the Sterling, Joneve, Shoe Warehouse and Freedman Shoes retail brands, increased sales and profit during 2008's fourth quarter, which ended on December 31.
Overall fourth-quarter sales rose 17.8% to $42.5 million from $36.1 million in the previous fourth quarter due in part to a 5.8% increase in same-store sales. Net income rose to $6.5 million from $5.2 million during the same period.
For the year, revenue increased 10% to $130.8 million from $118.7 million. Net profit also rose 25.8% to $6.7 million from $5.3 million.
Despite the company's strong performance, Sterling plans to conserve cash through more aggressive cost reductions and better inventory management. It's also reducing is shareholder cash distribution to $0.0186 per unit beginning in March.
Sterling's unit price range during the past week: between $1.57 and $1.84; 52-week high: $14.64; 52-week low: $0.86.