Shoe Carnival updates Q1 earnings expectations

11 May '10

2 min read

Shoe Carnival, Inc., a leading retailer of value-priced footwear and accessories, announced first quarter 2010 net sales, comparable store sales, and updated earnings per diluted share expectations for the first quarter ended on May 1, 2010. Due to the timing of the Company's upcoming participation at the Sterne Agee's Best Ideas Conference in Chicago, IL on May 11, 2010 the Company is providing this business update. The Company does not plan to provide preliminary financial information in the future other than in unique circumstances, or in the event of a material event that requires disclosure.

Net sales for the first quarter of 2010 increased 13.2 percent to $189.5 million from net sales of $167.3 million for the first quarter of 2009. Comparable store sales for the thirteen-week period ended May 1, 2010 increased 13.1 percent. Both net sales and comparable store sales for the first quarter of 2010 were above the Company's prior guidance for net sales in the range of $181 to $183 million and a comparable store sales increase of 8 to 9 percent.

As a result, the Company now expects earnings per diluted share in the range of $0.70 to $0.72 for the first quarter of 2010. The Company's prior guidance was for first quarter earnings per diluted share in the range of $0.54 to $0.58.

"We are pleased to report we exceeded our internal goals and expectations for the first quarter by continuing to capitalize on key fashion trends, particularly in the athletic and toning categories. Our lean inventory position enabled us to increase our merchandise assortment in these key categories to meet the consumers demand and enabled us to achieve our highest quarterly comparable store sales increase in the Company's history," said Mark Lemond, Shoe Carnival's President and Chief Executive Officer. "As a result, we were able to maximize our profitability and increase our earnings per diluted share expectations for the first quarter of 2010. We remain extremely well positioned as customers continue to respond positively to our business model of providing the right product assortment of name brand footwear for the entire family at a compelling value."

Shoe Carnival Inc

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