World Footwear

Companies

Shoe Carnival exceeds expectations

Mar 27, 2019 United States
 Shoe Carnival exceeds expectations
The Indiana-based company reported fourth quarter and fiscal year 2018 financial results, with record net sales and earnings exceeding company expectations
Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer, commented: “We are pleased to report record net sales and earnings results above our expectations for the fiscal year. Our comparable store sales increases were broad-based, driven by positive results for both our athletic and non-athletic footwear. We believe our customer-centric strategic initiatives, trend-right selection of compelling brands and the latest fashion along with our exciting in-store environment continue to make Shoe Carnival the store of choice for moderately priced family footwear. Going forward, we believe we remain well positioned to deliver long-term sustainable growth and value for our shareholders.”

Fourth Quarter Results

Net sales totalled 234.7 million US dollars for the 13-week fourth quarter ended on the 2nd of February compared to net sales of 243.2 million US dollars for the 14-week fourth quarter ended on the 3rd of February 2018. Comparable store sales increased by 4.7%. Gross profit margin for the fourth quarter of fiscal 2018 decreased to 28.4% compared to 28.9% in the fourth quarter of fiscal 2017, which includes a 3.3 million US dollars gain on insurance proceeds related to hurricane affected stores. Excluding the gain on insurance proceeds, the company’s adjusted gross profit margin percentage in the fourth quarter of fiscal 2017 would have been 27.5%. Net income for the fourth quarter of fiscal 2018 was 1.4 million US dollars, or 0.09 US dollars per diluted share, which compares to a net loss of 3.9 million US dollars, or a loss of 0.24 US dollars per diluted share in similar period int he previous year.

Fiscal Year 2018 Results

Net sales during the 52-week fiscal 2018 increased 10.5 million US dollars totalling  1.030 billion US dollars compared to 1.019 billion US dollars in the 53-week fiscal 2017. In the same period, comparable store sales increased by 4.3%. Net income for fiscal 2018 was 38.1 million US dollars, or 2.45 US dollars per diluted share, compared to net income of 18.9 million US dollars, or 1.15 US dollars per diluted share, in fiscal 2017. Adjusted net income in fiscal 2017 was 24.5 million US dollars, or 1.49 US dollars per diluted share.

Stores Openings and Closings

During fiscal 2018 Shoe Carnival opened three stores and closed 14 stores compared to 19 store openings and 26 store closings in fiscal 2017.

Fiscal 2019 Outlook

Shoe Carnival reiterated its fiscal 2019 outlook previously provided on January. The company continues to expect net sales to be in the range of 1.035 billion US dollars to 1.043 billion US dollars, with a comparable store sales increase of low single digits. Earnings per diluted share for the fiscal year are expected to be in the range of 2.60 US dollars to 2.70 US dollars. Fiscal 2018 earnings per diluted share were 2.45 US dollars.

Photo by Liana Mikah on Unsplash

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