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Shoe Carnival post Q4 & fiscal 2007 sales results
07
Feb '08
Shoe Carnival Inc a leading retailer of value-priced footwear and accessories, announced sales for the fourth quarter and full fiscal year ended February 2, 2008. The fourth quarter of fiscal 2007 included 13 weeks compared to 14 weeks in the fourth quarter of fiscal 2006 and the full fiscal year of 2007 included 52 weeks compared with 53 weeks in the full fiscal year of 2006.

Sales for the thirteen-week period ended February 2, 2008, decreased 7.3 percent to $164.3 million from sales of $177.2 million for the fourteen-week period ended February 3, 2007. Sales of approximately $11.5 million were recorded in the extra week of the fourth quarter of fiscal 2006. Comparable store sales for the thirteen-week period ended February 2, 2008 decreased 5.7 percent compared with the thirteen-week period ended February 3, 2007.

Sales for the 52-week 2007 fiscal year ended February 2, 2008, decreased 3.4 percent to $658.7 million from sales of $681.7 million for the 53-week 2006 fiscal year ended February 3, 2007. Comparable store sales for the 52-week period ended February 2, 2008, decreased 5.2 percent compared with the 52-week period ended February 3, 2007.

Earnings for the fourth quarter of fiscal 2007 are now expected to range from $0.06 to $0.08 per diluted share. Accordingly, earnings for the full fiscal year 2007 are expected to range from $0.93 to $0.95 per diluted share. Included in these estimates are impairment charges in the fourth quarter of $0.05 per diluted share for certain stores expected to close in fiscal 2008.

Due to difficulties in the economic environment and the uncertainty of the effect on consumer spending, the Company will no longer provide quarterly and annual earnings guidance.

The Company also announced the opening of one store and the closing of three stores during the fourth quarter, ending the fiscal year with 291 stores.

Shoe Carnival Inc


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