Shoe Carnival Q1 turnover declines 2.7 percent

Shoe Carnival reported net sales of 253.4 million dollars for the first quarter of fiscal 2017, a 2.7 percent decrease, compared to net sales of 260.5 million dollars for the first quarter of fiscal 2016. Comparable store sales decreased 3.9 percent during the quarter.

“While February was a very challenging month due to the delay in the tax refunds, we are encouraged by the improvement in our sales as we progressed through the quarter. Comparable store sales for March and April combined, which includes the shift in the Easter selling season, were up low single digits,” said Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer in a press release.

Q1 net incomes down to 8.2 mn dollars

Gross profit margin decreased to 28.5 percent compared to 29 percent in the first quarter of fiscal 2016. Net income was 8.2 million dollars or 0.48 dollar per diluted share compared to 10.7 million dollars or 0.56 dollar per diluted share for the same quarter last year.

The company expects to open approximately 19 stores and close approximately 18 to 20 stores during fiscal 2017 compared to opening 19 stores and closing nine stores during fiscal 2016.

The company expects fiscal 2017 net sales to be in the range of 1.002 billion dollars to 1.018 billion dollars, with comparable store sales flat to down low single digits. Earnings per diluted share are expected to be in the range of 1.30 dollars to 1.45 dollars compared to 1.28 dollars and adjusted earnings per diluted share of 1.40 dollars last year.

Picture:Shoe Carnival website