Home / Knowledge / News / Fashion / 'We remain optimistic about sales trends for Q3' - Shoe Carnivals
'We remain optimistic about sales trends for Q3' - Shoe Carnivals
31
Aug '09
Shoe Carnival, Inc. a leading retailer of value-priced footwear and accessories, announced sales and earnings for the second quarter ended August 1, 2009.

Sales for the second quarter of 2009 were $152.8 million, compared to sales of $158.5 million for the prior year second quarter. Comparable store sales declined 6.4 percent.

Net earnings for the thirteen-week second quarter were $982,000, or $0.08 per diluted share, compared to net earnings of $977,000, or $0.08 per diluted share, for the thirteen-week second quarter ended August 2, 2008.

The gross profit margin for the second quarter increased 0.2 percent to 26.8 percent compared to 26.6 percent for the second quarter of the prior year. The merchandise margin increased 0.4 percent, primarily due to better inventory control. As a percentage of sales, buying, distribution and occupancy costs increased 0.2 percent due primarily to the deleveraging effect of lower sales on occupancy costs.

Selling, general and administrative expenses for the second quarter decreased $1.7 million to $39.0 million, or 25.6 percent of sales, compared to $40.7 million, or 25.7 percent of sales, for the second quarter of 2008.

Speaking on the results, Mark Lemond, chief executive officer and president said, "We are pleased to report that we met or exceeded the majority of our internal goals for the second quarter of 2009. While consumer spending and the overall economic environment remained challenging in the second quarter, we were able to improve our year-over-year gross and operating margins and, therefore, record earnings per share equal to last year. We believe the absence of government stimulus checks, which were provided to the consumer during the second quarter of last year, had a negative impact on our second quarter comparable store sales and traffic.In addition, the sales-tax-free holidays in nine of our states shifted from the second quarter last year into the third quarter this year, which accounted for approximately two percent of the comparable store sales decline for the quarter."

Mr. Lemond continued, "For the first three weeks of August, our comparable stores sales have increased approximately 11 percent, as consumers are responding well to both our athletic and non-athletic product assortments. Only about 5 percent of the 11 percent increase is due to the shift of sales-tax-free holidays out of fiscal July and into fiscal August. While there is considerable uncertainty regarding consumer discretionary spending after back-to-school, we remain optimistic about the sales trends for the remainder of the third quarter. Therefore, due to these improved trends early in the third quarter, we expect to record positive comparable store sales for the quarter."

Net income for the first half of 2009 was $5.1 million, or $0.41 per diluted share, compared with net income of $5.8 million, or $0.46 per diluted share, in the first half of last year. Net sales for the first six months were $320.1 million compared to net sales of $320.6 million for the same period last year. Comparable store sales for the twenty-six week period ended August 1, 2009 decreased 3.3 percent, compared to the twenty-six week period ended August 2, 2008. The gross profit margin for the first six months of 2009 was 27.4 percent compared to 27.8 percent last year. Selling, general and administrative expenses, as a percentage of sales, were 24.7 percent for the first six months of 2009 as compared to 24.9 percent last year.

Store Growth
Currently, the Company expects to open approximately 16 new stores in fiscal 2009 and close eight stores. Click here for

For more details of Store openings and closings by quarter and for the fiscal year are currently planned Click here:

Shoe Carnival Inc


Must ReadView All

Courtesy: Sympatex Technologies

Textiles | On 23rd Feb 2018

Sympatex, Ricosta jointly move towards sustainability

Sympatex Technologies is moving towards sustainability with its...

Courtesy: Business wire

Information Technology | On 23rd Feb 2018

CLO Virtual Fashion launches CLO 4.0 & new website

CLO Virtual Fashion, a leading developer of cutting-edge 3D garment...

HKL Magu welcomes Amitabh Kant, CEO, NITI Aayog; Courtesy: AEPC

Apparel/Garments | On 23rd Feb 2018

AEPC completes 40 years of operation

The Apparel Export Promotion Council (AEPC) has successfully...

Interviews View All

Sanjay Desai & Ashish Mulani
True Colors

Digital textile printing will be the technology of the future

Divyesh Mashruwala
Akshar Industries

Surat dominates foiling, embossing and pleating

Sachin Sharma
Gem Enviro Management Pvt Ltd

There are no significant differences between virgin yarn and PET recycled...

Ravindra Jain, Ashish Baid

Oswal Prints Private Limited has been manufacturing and exporting ethnic...

Erik Sy

Manila-based CustomThread is a start-up offering premium custom apparel...

Riddhi Jain

Conceived in Europe and curated in New Delhi, NeceSera is a...

Steve Cole
Xerium Technologies

Steve Cole of Xerium Technologies discusses the industry. Xerium is the...

Eric Scholler
Groz-Beckert

The Indian market has huge potential in technical textiles, and by far,...

Eamonn Tighe
Nature Works LLC

Eamonn Tighe, Fibres and Nonwovens - Business Development Manager of...

Bani Batra

Bani Batra’s couture wedding collection is inspired by traditional Indian...

Silvia Venturini Fendi
Fendi s.r.l

"Yes, my confidence and positive attitude are my strengths and should be...

Sanjukta Dutta
Sanjukta's Studio

<b>Sanjukta Dutta</b> creates unique garments by clubbing prints of...

Press Release

Press Release

Letter to Editor

Letter to Editor

RSS Feed

RSS Feed

Submit your press release on


editorial@fibre2fashion.com

Letter To Editor






(Max. 8000 char.)

Search Companies





SEARCH

February 2018

Subscribe today and get the latest update on Textiles, Fashion, Apparel and so on.

news category


Related Categories:

Planning to Take the Leap towards
Sustainability?

Do you see sustainability as a route to business growth?

Yes No

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes No

Active Poll

Do you see sustainability as a route to business growth?

Yes
70.6%
No
12.7%
Skip
16.7%

Total Votes: 102

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes No

Active Poll

Do you think the sustainability space has the needed tools and resources available for a business to lead change?

Yes
63.7%
No
29.4%
Skip
6.9%

Total Votes: 102

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes No

Active Poll

Do you think adopting a sustainable approach will be a profitable move for your business?

Yes
88.2%
No
8.8%
Skip
2.9%

Total Votes: 102

Thanks for your valuable feedback. Claim your free latest sustainability e-book.

Active Poll

Do you want the world to know about your sustainability journey and your business’ environmental footprint?

Yes
83.3%
No
7.8%
Skip
8.8%

Total Votes: 102


E-News Insight
Subscribe Today and Get the
Latest News Update in Your Mail Box.
Advanced Search