Same store and overall sales increased for Sterling Shoes Income Fund (TSX: SSI.UN) and the fund opened eight new stores during 2007's second quarter, according to Sterling's most recent financials.
While same-store sales were up only 1% during the quarter, overall sales rose 12% to $28.2 million compared with $25.2 million for the same period last year.
The company, which announced that its Robson Street Gia concept store would be expanded to a second location in Metrotown this September, also reported that it had recorded a non-cash future tax liability of $7.7 million in the second quarter as a result of new federal legislation that will institute a tax on income trust distributions.
Sterling Shoes' units were trading at $18 on Monday, down $0.63, or 3.4%, from their previous close; 52-week high: $19.75; 52-week low: $11.