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Shoe Carnival Q1 earnings increase 15.6 percent

By Prachi Singh

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Shoe Carnival, reporting its results for the first quarter ended May 2, 2015 said that net sales increased 17 million dollars to 252.8 million dollars compared to net sales for the first quarter of fiscal 2014. Comparable store sales increased 3 percent during the quarter. Earnings per diluted share for the first quarter increased 15.6 percent to 0.52 dollars. Company raises the low end of its full year fiscal 2015 earnings per diluted share guidance to 1.42 dollars to 1.48 dollars, up from 1.40 dollars to 1.48 dollars.

" 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," said Cliff Sifford, President and CEO of the company.

The gross profit margin for the first quarter remained flat at 29.5 percent. 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 dollars, or 0.52 dollars per diluted share.

The Company expects fiscal 2015 net sales to be in the range of 977 million dollars to 991 million dollars, with a comparable store sales increase in the range of 1.5 percent to 3 percent. The company aims to open 18 to 19 new stores and close 10 to 14 stores in fiscal 2015.

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