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Shoe Carnival announces Q2 results, net income increases 39%

Aug '05
Evansville based leading retailer value-price footwear and accessories retailer Shoe Carnival Inc announced sales and earnings for the second quarter ended July 30, 2005. Net income for the second quarter of fiscal 2005 increased 39 percent to $2.7 million compared with net income of $1.9 million in the second quarter of fiscal 2004. Diluted earnings per share increased 33 percent to $0.20 per share from $0.15 per share last year.

Net sales for the second quarter of 2005 increased 7.6 percent to $148.7 million from $138.1 million last year. Comparable store sales increased by 2.9 percent for the 13-week period.

Gross profit margins for the second quarter of 2005 increased to 27.9 percent from 27.7 percent last year. Selling, general and administrative expenses, as a percentage of sales, decreased to 24.9 percent from 25.3 percent in the second quarter of 2004.

The Company incurred $369,000, or 0.2 percent of sales, in store closing costs in the second quarter of 2005 for stores to be closed in fiscal 2005. This is compared with store closing costs of $47,000 recorded in the second quarter of 2004. New store pre-opening costs incurred in the second quarter of 2005 were $296,000, or 0.2 percent of sales, compared with $147,000, or 0.1 percent of sales last year. Shoe Carnival opened seven stores in the second quarter this year, versus two stores in the second quarter of 2004.

Mark Lemond, President and Chief Executive Officer stated, "Once again they have delivered excellent earnings growth for the quarter. Their net income increased almost 40 percent over the second quarter of last year and diluted earnings per share were up 33 percent. An increase in their gross margin and a decrease in their expenses as a percentage of sales resulted in a 0.6 percent increase in operating margin for the quarter."

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