Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting fiscal first quarter net income of $10.4 million, compared to $9.2 million during the same period a year earlier. The company is targeting as many as 19 new store openings and 11 closings by the end of the fiscal year. May 20, 2015
EVANSVILLE, Ind. – Shoe Carnival, Inc. (Nasdaq: SCVL) a leading retailer of value-priced footwear and accessories, today reported results for the first quarter ended May 2, 2015.
First Quarter Highlights
Net sales increased $17.0 million to a first quarter record of $252.8 million, as compared to net sales for the first quarter of fiscal 2014
Comparable store sales increased 3.0 percent in the first quarter of fiscal 2015
Earnings per diluted share for the first quarter increased 15.6 percent to $0.52
Per-store inventories were down 2.9 percent at the end of the quarter, as compared to the first quarter of fiscal 2014
Company raises the low end of its full year fiscal 2015 earnings per diluted share guidance to $1.42 to $1.48, up from $1.40 to $1.48
Cliff Sifford, President and CEO, stated, “We are pleased with our comparable store sales growth and our ability to deliver strong first quarter earnings. While the quarter started off very challenging due to adverse weather, with over 400 days of store closures, the consumer responded favorably to our family footwear assortment, which resulted in a comparable store sales increase across all footwear departments and in each of our geographic regions. In addition, our initiative launched in fiscal 2014 to bring fulfillment of our e-commerce orders in-house has continued to pay dividends as our customers continued to take advantage of the increase in both selection and depth of sizes available to them online.”
First Quarter Financial Results
The Company reported net sales of $252.8 million for the first quarter of fiscal 2015, a 7.2 percent increase, as compared to net sales of $235.8 million for the first quarter of fiscal 2014. Comparable store sales increased 3.0 percent in the first quarter of fiscal 2015.
The gross profit margin for the first quarter of fiscal 2015 remained flat at 29.5 percent. The merchandise margin increased 0.1 percent while buying, distribution and occupancy expenses increased 0.1 percent as a percentage of sales.
Selling, general and administrative expenses for the first quarter of fiscal 2015 increased $3.3 million to $57.7 million. As a percentage of sales, these expenses decreased to 22.8 percent compared to 23.0 percent in the first quarter of fiscal 2014.
The Company opened seven new stores in the first quarters of both fiscal 2015 and fiscal 2014.
Net earnings for the first quarter of fiscal 2015 were $10.4 million, or $0.52 per diluted share. For the first quarter of fiscal 2014, the Company reported net earnings of $9.2 million, or $0.45 per diluted share. First quarter earnings for fiscal 2015 includes approximately $0.01 of additional expense within cost of sales attributable to the west coast port congestion.
Fiscal 2015 Earnings Outlook
The Company expects fiscal 2015 net sales to be in the range of $977 million to $991 million, with a comparable store sales increase in the range of 1.5 percent to 3.0 percent. Earnings per diluted share for the fiscal year are expected to be in the range of $1.42 to $1.48. This represents an increase of 12 percent to 17 percent over fiscal 2014 earnings per diluted share of $1.27.
The Company expects to open 18 to 19 new stores and close 10 to 14 stores in fiscal 2015. Store openings and closings by quarter for the fiscal year are as follows:
New Stores Store Closings
1st quarter 2015 7 6
2nd quarter 2015 5 3
3rd quarter 2015
6 to 7 0
4th quarter 2015 0 1
Fiscal year 2015 18 to 19 10
The seven new stores opened during the first quarter include locations in:
Total Stores in
City Market the Market
Bristol, TN Tri-Cities 3
Columbus, GA Columbus 1
Denham Springs, LA Baton Rouge 3
Largo, FL Tampa 7
New Orleans, LA New Orleans 5
Troy, OH Dayton 3
Upper Darby, PA Philadelphia 3
Date of Annual Shareholder Meeting
As previously announced, the Company will hold its Annual Meeting of Shareholders on June 11, 2015.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family footwear retailers, offering a broad assortment of moderately priced dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands. As of May 20, 2015, the Company operates 401 stores in 34 states and Puerto Rico, and offers online shopping at www.shoecarnival.com. Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases and annual report are available on the Company's website at www.shoecarnival.com.
Source: Shoe Carnival Inc.