Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting fiscal second quarter net income of $4.8 million, compared to $2.6 million during the same period the previous year. Chief Executive Officer Cliff Sifford says higher merchandise margins and lower advertising expenses helped drive performance.
Sifford continued, "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."
The retailer expects to open 21 new stores and close 15 during the fiscal year. Shoe Carnival recently opened a store in the Philadelphia market.
Net sales were also up to $228 million, compared to $222 million during the same quarter last year.
You can read the company’s full report by clicking here.