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Shoe Carnival reports record results for Q2

30 Aug '10

5 min read

Third Quarter and Fiscal 2010 Earnings Outlook
The Company expects third quarter net sales to be in the range of $196 to $202 million and comparable store sales to increase in the range of 3 to 6 percent. Earnings per diluted share in the third quarter of 2010 are expected to be in the range of $0.63 to $0.66. Earnings per diluted share in the third quarter of fiscal 2009 were $0.59.

For fiscal 2010, the Company expects net sales to be in the range of $728 to $737 million and comparable store sales to increase in the range of 6.5 to 8 percent. Earnings per diluted share for fiscal 2010 are expected to range from $1.89 to $1.95. Earnings per diluted share for fiscal 2009 were $1.20.

Store Growth
The Company expects to open 10 new stores and close seven stores in fiscal 2010. Three new stores were opened during the second quarter of fiscal 2010 and one store was closed.

Mr. Lemond concluded, "Our new store growth this year and last was slower than we would have liked due to a difficult economy and the lack of available real estate. However, we are seeing increased access to viable store locations for next year. In fiscal 2011, we expect to accelerate our new store openings and currently expect to open approximately 20 new stores and close approximately six stores. Looking forward, we are optimistic that fiscal 2012 will yield even greater new store growth opportunities."

Share Repurchase Program Authorization
On August 23, 2010, in view of the Company's current cash position and anticipated future operating cash flows, the Company's Board of Directors approved a share repurchase program for up to $25 million of its outstanding common stock. The purchases may be made in the open market or in privately negotiated transactions, from time-to-time through December 31, 2011 and in accordance with applicable laws, rules and regulations.

The program may be amended, suspended or discontinued at any time and does not commit the Company to repurchase shares of its common stock. The Company intends to fund the share repurchase program from cash on hand and any shares acquired will be available for stock-based compensation awards and other corporate purposes. The actual number and value of the shares to be purchased will depend on the performance of the Company's stock price and other market conditions.

Shoe Carnival Inc

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