Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting fiscal first quarter net income of $13.9 million, up from $12.9 million during the same period last year. Despite the increase, the company says it still expects to close up to eight stores in the remainder of its fiscal year.
The company is reporting a slight decrease in net sales for the quarter. Chief Executive Officer Cliff Sifford says, however, the company experienced a positive change in sales in March and April.
"Comparable store sales for the combined months of March and April increased 3.6%," said Sifford. "Our merchants once again did a great job of controlling inventories while maintaining margin. As we look ahead, we believe we have identified a strong assortment of key items and a great product mix and we remain on-track to achieve our outlook for the fiscal year."
Shoe Carnival says it plans to open one new store in the third quarter as well. You can view the full earnings report by clicking here.