World Footwear

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Sales at Shoe Carnival lift outlook

Nov 21, 2017 / United States
Sales at Shoe Carnival lift outlook
The US-based company has announced results for the third quarter of the year. Based on the sales increase of 4.7% registered in the period, the company raised its outlook for the year
Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer commented: “We are very pleased with our third quarter financial results, which reflect the strength of our selection of family footwear for the back-to-school season and our team’s ability to increasingly connect with customers across Shoe Carnival’s multi-channel presence. During the quarter, our traffic was down low single digits, particularly due to the three hurricanes affecting Texas, Florida and Puerto Rico. Despite the inclement weather in these regions, we experienced solid increases in both units per transaction and conversion which helped drive a 4.4% increase in comparable store sales for the quarter. These increases, combined with our ongoing commitment and ability to effectively manage expenses, resulted in a 22% year-over-year increase in quarterly earnings per diluted share. Based on our third quarter performance and our outlook for the remainder of the year, we are pleased to raise our fiscal year outlook.”

Shoe Carnival reported net sales of 287.5 million US dollars for the third quarter of fiscal 2017, a 4.7% increase, compared to net sales of 274.5 million US dollars for the third quarter of fiscal 2016. Comparable store sales increased by 4.4% in the third quarter of fiscal 2017.

Net income for the third quarter of fiscal 2017 totaled 10.7 million US dollars, or 0.66 US dollars per diluted share. For the third quarter of fiscal 2016, Shoe Carnival reported net income of 9.7 million US dollars, or 0.54 US dollars per diluted share.

Net sales during the first nine months of fiscal 2017 increased 9.0 million US dollars to 775.9 million US dollars compared to the same period last year. Comparable store sales for the thirty-nine week period ended on the 28th of October increased by 0.4%.

Net earnings for the first nine months of fiscal 2017 totaled 22.8 million US dollars, or 1.38 US dollars per diluted share, compared to net earnings of 24.4 million US dollars, or 1.31 US dollars per diluted share, in the first nine months of fiscal 2016. The gross profit margin for the first nine months of fiscal 2017 was 29.1% compared to 29.3% in the same period last year.

During the first nine months of fiscal 2017 Shoe carnival opened 19 stores and closed 10, which compares to 15 store openings and 5 store closings in the first nine months of fiscal 2016.

The company expects fiscal 2017 net sales to be in the range of 1.020 billion US dollars to 1.025 billion US dollars, with comparable-store sales flat to up low single digits. Earnings per diluted share for the fiscal year are expected to be in the range of 1.42 US dollars to 1.49 US dollars.

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