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Shoe Carnival Q3 net sales increase 5.9 percent

By FashionUnited

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Shoe Carnival, for the third quarter ended October 31, 2015 reported net sales of 269.7 million dollars, a 5.9 percent increase, compared to net sales of 254.7 million dollars for the third quarter of fiscal 2014. Comparable store sales increased 6 percent in the third quarter.

“We experienced strong athletic and women’s fashion boot sales throughout the third quarter which helped drive our fifth consecutive quarter of positive comparable store sales and on-plan earnings performance. We also benefited from our multi-channel sales initiatives which drove higher quarterly conversion rates, average sales per transaction and units per transaction,” stated Cliff Sifford, President and CEO of the company.

Third quarter highlights

The gross profit margin for the third quarter was 30.1 percent, which was unchanged compared to the third quarter of fiscal 2014. The merchandise margin decreased 0.7 percent.

Net earnings for the quarter were 9.4 million dollars, or 0.47 dollar per diluted share. For the third quarter of fiscal 2014, the company had reported net earnings of 10.8 million dollars, or 0.54 dollar per diluted share.

Net sales up during the nine month period

Net sales during the first nine months of fiscal 2015 increased 37.8 million dollars to 750.3 million dollars compared to the same period last year. Comparable store sales for the thirty-nine week period increased 3.3 percent.

Net earnings were 24.6 million dollars, or 1.23 dollars per diluted share, compared to net earnings of 22.6 million dollars, or 1.12 dollars per diluted share, in the first nine months of last year. The gross profit margin was 29.6 percent compared to 29.3 percent last year. The company opened 18 stores and closed 14 stores during the first nine months of fiscal 2015 compared to opening 30 stores and closing two stores during the first nine months of fiscal 2014.

Fiscal 2015 earnings outlook

The company expects fiscal 2015 net sales to be in the range of 980 million dollars to 987 million dollars, with a comparable store sales increase of approximately 3.0 percent. Earnings per diluted share for the fiscal year are expected to be in the range of 1.38 dollars to 1.43 dollars. This represents an increase of 9 percent to 13 percent over fiscal 2014 earnings per diluted share of 1.27 dollars. The company expects to open 20 new stores and close 15 stores in fiscal 2015.

Shoe Carnival