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Shoe Carnival: sales increase by 4.5%

Dec 26, 2018 United States
Shoe Carnival: sales increase by 4.5%
US-based footwear retailer Shoe Carnival reported third quarter financial results with comparable store sales increasing by 4.5%. Company raised the oulook for the 2018 Fiscal Year results
"We are pleased with our strong third quarter sales results, which reflect growth in all geographic regions and virtually all of our product categories”, commented Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer, adding: “Our third quarter comparable store sales growth of 4.5% was on top of a 4.4% increase for the same quarter last year. On a year-to-date basis, our comparable store sales have increased 4.2%, operating income increased by 28.6% and earnings per diluted share increased by 71.0%. As a result of our year-to-date performance and outlook for the remainder of fiscal 2018, we are pleased to raise our annual net sales and earnings guidance.”


Third Quarter Financial Results

Comparable store sales for the thirteen-week period ended on the 3rd of November 2018 increased by 4.5% compared to the thirteen-week period ended on the 4th of November 2017. Primarily due to the calendar shift, net sales in the third quarter decreased by 6.4% to 269.2 million US dollars, compared to net sales of 287.5 million US dollars for the third quarter in 2017.

Net income for the third quarter of fiscal 2018 increased by 12.6 to 12.0 million US dollars, or 0.76 US dollars per diluted share. For the third quarter of fiscal 2017, the company reported net income of 10.7 million US dollars, or 0.66 US dollars per diluted share.

Nine Months Financial Results

Comparable store sales for the thirty-nine week period ended on the 3rd of November increased by 4.2% compared to similar period in 2017. Net sales during the nine months period increased by 19.1 million US dollars to 795.0 million US dollars, compared to similar period last year.

Net earnings for the first nine months of fiscal 2018 increased 61.1 percent to 36.8 million US dollars, or 2.36 US dollars per diluted share, compared to net earnings of 22.8 million US dollars, or 1.38 US dollars per diluted share, in the first nine months of fiscal 2017.

Store Openings and Closings

Shoe Carnival opened three stores and closed nine stores during the first nine months of fiscal 2018 compared to 19 store openings and ten store closings in the first nine months of fiscal 2017. For the full fiscal year 2018, the company expects to open three stores and close 14 stores compared to opening 19 stores and closing 26 stores during fiscal 2017.

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