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Shoe Carnival reports Q4 & full year 2007 results
20 Mar '08
4 min read
Operating income for the fourth quarter was $1.6 million compared to $7.9 million in the fourth quarter of 2006. Operating margin for the fourth quarter was 1.0 percent compared to 4.5 percent in the same period last year.
Fiscal 2007 Results:
Net sales were $658.7 million for the fiscal year compared to net sales of $681.7 million last year. 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.
Net earnings for fiscal 2007 were $12.8 million, or $0.97 per diluted share, compared to net earnings of $23.8 million, or $1.73 per diluted share, last year.
Commenting on the results, Mark Lemond, chief executive officer and president said, "Fiscal 2007 proved to be a difficult period for us and footwear retailers in general. The challenging economic environment continued to directly affect our targeted moderate income consumer, and consequently, had a negative impact on both traffic and sales."
"Our merchandising and store operations teams did a commendable job of maintaining our merchandise margins in the fourth quarter and for the full fiscal year. Importantly, we ended fiscal 2007 with inventories on a per store basis almost 5 percent lower than last year."
"We anticipate the retail environment will again be challenging in fiscal 2008. However, we believe our strong brand name in our core markets along with a cost efficient operating model provides us with opportunities for growth in market share and improved profitability. For fiscal 2008, our primary focus will be on enhancing store performance metrics and continuing our efforts to provide long-term earnings growth to our shareholders."
Store Growth:
During fiscal 2007, 25 new stores were opened and five were closed to end the year at 291 stores. One store was opened in the fourth quarter and three were closed. Our retail selling space increased 176,000 square feet during fiscal 2007 bringing our total retail selling space to 3.2 million square feet.
Fiscal 2007 Results:
Net sales were $658.7 million for the fiscal year compared to net sales of $681.7 million last year. 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.
Net earnings for fiscal 2007 were $12.8 million, or $0.97 per diluted share, compared to net earnings of $23.8 million, or $1.73 per diluted share, last year.
Commenting on the results, Mark Lemond, chief executive officer and president said, "Fiscal 2007 proved to be a difficult period for us and footwear retailers in general. The challenging economic environment continued to directly affect our targeted moderate income consumer, and consequently, had a negative impact on both traffic and sales."
"Our merchandising and store operations teams did a commendable job of maintaining our merchandise margins in the fourth quarter and for the full fiscal year. Importantly, we ended fiscal 2007 with inventories on a per store basis almost 5 percent lower than last year."
"We anticipate the retail environment will again be challenging in fiscal 2008. However, we believe our strong brand name in our core markets along with a cost efficient operating model provides us with opportunities for growth in market share and improved profitability. For fiscal 2008, our primary focus will be on enhancing store performance metrics and continuing our efforts to provide long-term earnings growth to our shareholders."
Store Growth:
During fiscal 2007, 25 new stores were opened and five were closed to end the year at 291 stores. One store was opened in the fourth quarter and three were closed. Our retail selling space increased 176,000 square feet during fiscal 2007 bringing our total retail selling space to 3.2 million square feet.
Shoe Carnival Inc
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