Exhibit 99.1

         PAYLESS SHOESOURCE REPORTS FEBRUARY SAME-STORE SALES RESULTS

    TOPEKA, Kan., March 3 /PRNewswire-FirstCall/ -- Payless ShoeSource, Inc.
(NYSE: PSS) today reported that same-store sales increased 13.5 percent during
the February reporting period, the four weeks ended February 26, 2005.

    Company sales totaled $182.5 million, a 10.8 percent increase from $164.7
million during fiscal February of last year.

     Sales were as follows (unaudited):

                      FEBRUARY SALES* (DOLLARS IN MILLIONS)

                           Percent        Same-Store Sales***
     Fiscal     Fiscal     Increase/      Percent
     2005**     2004**    (Decrease)      Increase/(Decrease)
     --------   -------   ----------      ------------------
     $  182.5   $ 164.7      10.8%               13.5%

    *    Sales from continuing operations.

    **   The fiscal year for operations in the company's Latin American region
         and Japan is based on a December 31 year-end. Operations in the
         company's Latin American region (177 stores) and Japan are currently
         included in total company results on a one-month lag relative to
         results from other regions.

    ***  Same-store sales represent sales of those stores in the United States,
         Canada, Puerto Rico, Guam and Saipan that were open during both
         periods. Same-store-sales exclude stores in the company's Latin
         American region.

    "We are pleased with our strong performance in February, as it suggests that
our new tactics are beginning to work," said Steven J. Douglass, Chairman and
Chief Executive Officer. "Our inventory position, trend-right merchandise,
effective promotions and compelling messaging all contributed to the strong
February performance."

    Looking ahead to March and April, the company remains committed to its
long-standing goal to achieve low single-digit positive same-store sales on a
consistent basis. In addition, performance in March will likely benefit from the
shift in Easter to March 2005 from mid-April last year and April sales will
likely be negatively affected by the shift.

    Payless ShoeSource, Inc. is the largest specialty family footwear retailer
in the Western Hemisphere. As of the end of February 2005, the Company operated
a total of 4,646 stores offering quality family footwear and accessories at
affordable prices. In addition, customers can buy shoes over the Internet
through Payless.com(R), at http://www.payless.com .

    This release contains forward-looking statements relating to anticipated
financial performance, strategic alternatives, and the impacts of such
alternatives on anticipated financial performance. A variety of known and
unknown risks and uncertainties and other factors could cause actual results to
differ materially from the anticipated results or expectations. Please refer to
the company's Annual Report on Form 10-K for the fiscal year ended January 31,
2004, and the Form 10-Q for the quarter ending October 30, 2004, for more
information on risk factors that could cause actual results to differ. The
company does not undertake any obligation to release publicly any revisions to
such forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.

    For additional information regarding February 2005 sales performance, please
call the Payless ShoeSource Investor Relations phone line at 1-800-626-3204.
Select submenu 1, option 2. Or, visit our Investor Relations website at
http://www.paylessinfo.com .

SOURCE  Payless ShoeSource, Inc.
    -0-                             03/03/2005
    /CONTACT:  Timothy J. Reid of Payless ShoeSource, +1-785-295-6695/
    /Company News On-Call:  http://www.prnewswire.com/comp/136152.html /
    /Web site:  http://www.paylessinfo.com /
    (PSS)