Shoe Carnival Profit Drops in Q1

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Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting first quarter net income of $8.2 million, down from $10.7 million during the same period the previous year. Chief Executive Officer Cliff Sifford says, despite the drop, the company is encouraged by the improvement in sales as the quarter progressed.

Shoe Carnival's earnings in the first quarter of 2016 were a record for the company. Sifford said February was a challenging month this year because of a delay in tax refunds.

"Comparable store sales for March and April combined, which includes the shift in the Easter selling season, were up low single digits," said Sifford. "Our focus on inventory management resulted in higher merchandise margins and a per-store reduction in inventory for the quarter. We continue to manage our inventory effectively while keeping our product offering fresh and relevant. Looking forward, our consistently strong financial position provides the financial flexibility to support our future strategies and further enhance shareholder value over time as a result of our dividend and share repurchase programs."

The company says it plans to open 19 new stores and close 18 to 20 stores throughout all of fiscal year 2017. In the first quarter, the company opened seven stores in Michigan, Florida, Virginia, Texas and Pennsylvania.

You can connect to the full first quarter earnings report by clicking here.

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