World Footwear

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Shoe Carnival exceeds net sales expectations

Dec 9, 2014 United States
Shoe Carnival exceeds net sales expectations
Despite net sales increase of 8.0% in the third quarter, net earnings for the period deteriorated slightly
“We are pleased to report results that exceeded our expectations for net sales, comparable store sales and earnings per share for the third quarter. These results reflect strong sales in our fashion boot category and progress in key initiatives we announced last year, mainly, national advertising, better brands in our women’s department and a reinvigorated e-commerce presence. I am proud of the entire Shoe Carnival family and believe our strategy will continue to benefit long-term sales and earnings growth”, commented Cliff Sifford, President and CEO of the company.

Shoe Carnival reported net sales of 254.7 million US dollars for the third quarter of fiscal 2014, an 8.0% increase, as compared to net sales of 235.8 million US dollars for the third quarter of fiscal 2013. Comparable store sales increased 2.3% in the third quarter of fiscal 2014.

The gross profit margin for the third quarter of fiscal 2014 was 30.1% which was unchanged compared to the third quarter of fiscal 2013. Net earnings for the third quarter reaches 10.8 million US dollars, or 0.54 US dollars per diluted share, compared to net earnings of 10.9 million US dollars, or 0.54 US dollars per diluted share (-0.9%).




Net sales during the first nine months of fiscal 2014 increased 28.1 million US dollars to 712.5 million US dollars as compared to the same period last year (+4.1%). Comparable store sales for the thirty-nine week period ended in the 1st of November decreased 0.4%.

Net earnings for the first nine months of fiscal 2014 were 22.6 million US dollars, or 1.12 US dollars per diluted share, compared to net earnings of 26.3 million US dollars, or 1.29US dollars per diluted share, in the first nine months of last year. The gross profit margin for the first nine months of fiscal 2014 was 29.3% compared to 29.5% last year.

In terms of its distribution network, the Company opened 30 stores during the first nine months of fiscal 2014 as compared to opening 29 stores during the first nine months of last year. Shoe Carnival expects to open 31 new stores and close seven stores in the overall fiscal 2014.

For the 13 weeks period ending on the 31st of January 2015, earnings per diluted share are expected to be in the range of 0.06 US dollars to 0.10 US dollars (compares to 0.03 US dollars in last year’s fourth quarter). The company’s guidance is based on the expectation that fourth quarter net sales will be in the range of 218 to 222 million US dollars, reflecting an expectation of comparable store sales increase  in the range of 3 to 5%.

Shares from Shoe Carnival were last traded at the NASDAQ on the 8th of December at 23.60 US dollars.

For more information about Shoe Carnival please refer to the company's website.

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