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Shoe Carnival consolidates comparable sales

Sep 13, 2016 United States
Shoe Carnival consolidates comparable sales
The US-based retailer of footwear and accessories reported results for the second quarter ended on the 30th of July.  Comparable store sales increased for the eighth consecutive quarter
Net sales increased by 1.8%, reaching 231.9 million US dollars in the quarter (compares to 227.8 million US dollars in similar period last year). Comparable store sales increased by 0.5% in the second quarter of 2016.

"Our non-athletic footwear categories, particularly sandals, performed well in the second quarter. Shoe Perks, our loyalty program, continued to be a valuable tool for us as we increased shopping frequency and average order value across our most loyal customers to report an eighth consecutive quarterly increase in comparable store sales," stated Cliff Sifford, Shoe Carnival's President and CEO.

Net earnings for the second quarter of fiscal 2016 totaled 4.1 million US dollars, or 0.22 US dollars per diluted share (compares to reported net earnings of 4.8 million US dollars, or 0.24 US dollars per diluted share).

Net sales during the first six months of fiscal 2016 reached 492.4 million US dollars. Net earnings for the period totaled 14.8 million US dollars, or 0.78 US dollars per diluted share, compared to net earnings of 15.2 million US dollars, or 0.76 US dollars per diluted share, in the first six months of fiscal 2015.

Fiscal 2016 net sales are now expected to be in the range of 1.012 billion US dollars to 1.016 billion US dollars, with a comparable store sales increase in the range of 1.5% to 2.0%.

Shoe Carnival expects to open approximately 20 stores, including seven small-market stores, and to close approximately ten stores in fiscal 2016.

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