World Footwear

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Shoe Carnival with growing sales

Sep 3, 2015 United States
Shoe Carnival with growing sales
The US-based retailer of footwear and accessories reported results for the second quarter ended on the 1st of August, with sales up by 2.6% in the period

Cliff Sifford, Shoe Carnival's President and CEO, stated: "We are pleased with our second quarter financial performance. Our strong quarterly earnings were driven by a combination of higher merchandise margins and lower advertising expenses. Comparable store sales were in-line with our expectations as the solid start to the quarter was muted by an anticipated shift in tax-free holidays to the third quarter of this year from the second quarter of fiscal 2014. We believe our assortment of branded, family footwear, favorable inventory position, and our multi-channel initiatives positioned us well to capture the robust back-to-school sales with our August comparable store sales up high single digits."

During the second quarter of the current financial year, Shoe Carnival’s net sales increased by 2.6% reaching 227.8 million US dollars (which compares to 222.1 million US dollars in similar period of 2014).

Comparable store sales increased by 0.5%, in-line with the company's guidance. The gross profit margin for the second quarter of fiscal 2015 increased to 29.1% compared to 28.0% in the second quarter of fiscal 2014.

Net earnings for the second quarter of fiscal 2015 totaled 4.8 million US dollars, or 0.24 US dollars per diluted share. For the second quarter of fiscal 2014, the company reported net earnings of 2.6 million US dollars, or 0.13 US dollars per diluted share.

Net sales during the first six months of fiscal 2015 totaled 480.6 million US dollars. Comparable store sales for the twenty-six week period ended on the 1st of August increased by 1.8%. Net earnings for the first six months of fiscal 2015 totaled 15.2 million US dollars, or 0.76 US dollars per diluted share, compared to net earnings of 11.7 million US dollars, or 0.58 US dollars per diluted share, in the first six months of fiscal 2014.

The company opened 12 stores and closed 12 stores during the first six months of fiscal 2015 as compared to opening 23 stores and closing 1 store in the first six months of fiscal 2014.

Shoe Carnival continues to expect fiscal 2015 net sales to be in the range of 977 million US dollars to 991 million US dollars, with a comparable store sales increase in the range of 1.5% to 3.0%. Earnings per diluted share for the fiscal year are expected to be in the range of 1.42 US dollars to 1.48 US dollars. This represents an increase of 12 percent to 17% over fiscal 2014 earnings.

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