World Footwear


Shoe Carnival’s earnings at upper end of guidance

Mar 28, 2018 United States
Shoe Carnival’s earnings at upper end of guidance
Shoe Carnival Inc. reported earnings rising by 30.1% on an adjusted basis, hitting the high end of guidance. Same-store sales dipped by 0.5%
Shoe Carnival net sales in the fourth quarter increased 9.0 million US dollars, or 3.9%, totaling 243.2 million US dollars compared to net sales of 234.2 million US dollars in similar period in fiscal 2016. Comparable store sales decreased by 0.5%.

In the same period net loss totaled 3.9 million US dollars, or 0.24 million US dollars per diluted share, which included non-cash impairment charges of 3.4 million US dollars for 30 underperforming stores, 6.3 million US dollars of additional expense associated with the enactment of the US Tax Cuts and Jobs Act of 2017 (Tax Act) in December 2017 and the 3.3 million US dollars gain on insurance proceeds referenced above.

Shoe Carnival closed 16 underperforming stores in the quarter.

Fiscal 2017

“2017 was a transitional year for Shoe Carnival, as we refined our strategic direction to create an even more fun, exciting, and memorable experience for our customers, with the goal of engaging them across our omni-channel offering to position us for growth over the next several years”, commented Cliff Sifford, Shoe Carnival’s President and CEO, adding: “Our team executed well throughout the year in the face of external challenges, particularly as our business continues to recover from the hurricanes in certain markets like Puerto Rico. In addition, we strategically pulled back on our promotional cadence during the year, including the decision to close our doors on Thanksgiving Day. We are also pleased to have continued to enhance value for shareholders through our share repurchase and quarterly dividend programs. For 2018, our team remains focused on efficiently managing our business to generate increased net sales and profitability.”

Net sales
during the 53-week fiscal 2017 increased 18.1 million US dollars totaling 1.019 billion US dollars compared to 1.001 billion US dollars in 2016. Comparable store sales increased by 0.3% compared to the prior year. Net income for fiscal 2017 totaled 18.9 million US dollars, or 1.15 US dollars per diluted share, compared to net income of 23.5 million US dollars, or 1.28 US dollars per diluted share, in the prior year. Adjusted net income was 24.5 million US dollars, or adjusted earnings per diluted share of 1.49 US dollars, for fiscal 2017, compared to 25.7 million US dollars, or adjusted earnings per diluted share of 1.40 US dollars, for fiscal 2016.

Store Network

Shoe Carnival opened 19 stores and closed 26 stores during fiscal 2017 compared to opening 19 stores and closing nine stores during fiscal 2016.

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