Shoe Carnival Q2 comparable sales rise 0.4 percent

Shoe Carnival reported net sales of 235.1 million dollars for the second quarter of fiscal 2017, a 1.4 percent increase, compared to 231.9 million dollars for the second quarter of fiscal 2016. Comparable store sales increased 0.4 percent, while gross profit margin remained flat at 29 percent for the quarter. Net income was 3.9 million dollars or 0.24 dollar per diluted share compared to 4.1 million dollars or 0.22 dollar per diluted share, in the second quarter last year.

Commenting on the results, Cliff Sifford, Shoe Carnival’s President and CEO said in a statement: “We are pleased with the quarterly improvement in our sales trend, particularly given this year’s later back-to-school dates in certain markets, which shifted sales from July into August. Our quarterly earnings were driven by the increase in sales along with our ability to efficiently manage our expenses.”

H1 comparable sales decrease 1.9 percent

Net sales during the first six months of fiscal 2017 decreased 3.9 million dollars to 488.5 million dollars compared to the same period last year. Comparable store sales for the twenty-six week period decreased 1.9 percent.

Net earnings for the first six months were 12.1 million dollars or 0.73 dollar per diluted share, compared to 14.8 million dollars or 0.78 dollar per diluted share, in the first six months of fiscal 2016. The gross profit margin was 28.7 percent compared to 29 percent in the same period last year.

The company opened 12 stores and closed nine stores during the first six months compared to 12 store openings and four store closings in the first six months of fiscal 2016.

FY17 same-store sales expected to remain flat or decline low single digits

The company expects fiscal 2017 net sales to be in the range of 1.006 billion dollars to 1.019 billion dollars, with comparable store sales flat to down low single digits. Earnings per diluted share for the fiscal year are expected to be in the range of 1.35 dollars to 1.45 dollars compared to 1.28 dollars and adjusted earnings per diluted share of 1.40 dollars reported this fiscal year.

The company expects to open approximately 19 stores and close approximately 25 to 27 stores during the fiscal compared to opening 19 stores and closing nine stores during fiscal 2016.

Picture:Facebook/Shoe Carnival