Shoe Carnival announces Q2 results, net income increases 39%

23 Aug '05

5 min read

"Customers have responded well to the increased fashion content of their women's and men's non-athletic merchandise. Both of these categories have shown strong comparable sales increases for the second quarter and the year-to-date period. They are making significant progress towards our long-term goal of increasing our women's non-athletic sales to 28 to 30 percent of our total sales. For the second quarter of this year, 26.2 percent of our total sales were attributable to our women's non-athletic product, up from 23.5 percent in the second quarter of 2004."

Net income for the first half of 2005 was $8.6 million, or $0.64 per diluted share, compared with net income of $6.5 million, or $0.49 per diluted share, last year. Net sales increased 9.1 percent to $309.4 million for the first six months from sales of $283.6 million last year. Comparable store sales increased 4.3 percent for the six-month period. Gross profit margin for the first six months of 2005 increased to 28.8 percent from 28.4 percent last year. Selling, general and administrative expenses, as a percentage of sales, decreased to 24.2 percent in the first six months of 2005 from 24.6 percent last year.

In the first half of 2005, store-closing costs were $511,000, or 0.2 percent of sales, compared with store closing costs of $100,000 recorded in the first half of 2004. Pre-opening costs for first six months of 2005 were $489,000, or 0.2 percent of sales, as compared to $876,000, or 0.3 percent of sales, in the first half of 2004. Interest expense in the first half of 2005 decreased to $261,000 from $373,000 in the same period in 2004, primarily due to lower average borrowings.

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