World Footwear

Companies

Sales improvement at Shoe Carnival

Aug 30, 2017 / United States
Sales improvement at Shoe Carnival
Despite announcing a better sales trend for the quarter, the US-based footwear company has reported declining sales for the semester. Net income is also down
Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer commented: “We are pleased with the quarterly improvement in our sales trend, particularly given this year’s later back-to-school dates in certain markets, which shifted sales from July into August. Our quarterly earnings were driven by the increase in sales along with our ability to efficiently manage our expenses. Looking ahead, we believe we are well positioned for back-to-school with a trend-right assortment of branded, family footwear, favorable inventory position, and our multi-channel initiatives which have already generated an August comparable store sales increase of 7.0%.”

Shoe Carnival reported net sales of 235.1 million US dollars for the second quarter of fiscal 2017, a 1.4% increase, compared to net sales of 231.9 million US dollars for the second quarter of fiscal 2016. Comparable store sales increased by 0.4% in the second quarter of fiscal 2017.

Net income for the second quarter of fiscal 2017 totaled 3.9 million US dollars, or 0.24 US dollars per diluted share. For the second quarter of fiscal 2016, the company reported net income of 4.1 million US dollars or 0.22 US dollars per diluted share.

Net sales during the first six months of fiscal 2017 decreased 3.9 million US dollars to 488.5 million US dollars compared to the same period last year. Comparable store sales for the twenty-six week period ended on the 29th of July 2017, decreased by 1.9%.

Net earnings for the first six months of fiscal 2017 totaled 12.1 million US dollars, or 0.73 US dollars per diluted share, compared to net earnings of 14.8 million US dollars, or 0.78 US dollars per diluted share, in the first six months of fiscal 2016.

Shoe Carnival opened 12 stores and closed 9 stores during the first six months of fiscal 2017 compared to 12 store openings and four store closings in the first six months of fiscal 2016. The company expects to open approximately 19 stores and close approximately 25 to 27 stores during fiscal 2017 compared to opening 19 stores and closing nine stores during fiscal 2016.

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