Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of value-priced footwear and accessories, today announced net sales and earnings for the fourth quarter and fiscal year ended January 28, 2012.
Fourth Quarter Results
Net sales for the fourth quarter of fiscal 2011 increased 1.1 percent to $181.9 million compared to net sales of $179.9 million for the fourth quarter of fiscal 2010. Comparable store sales decreased 3.0 percent in the fourth quarter of fiscal 2011.
Net earnings for the fourth quarter were $3.3 million or $0.24 per diluted share, as compared to net earnings of $4.4 million or $0.33 per diluted share for the fourth quarter last year.The gross profit margin for the fourth quarter of fiscal 2011 decreased to 28.3 percent from 30.0 percent in the fourth quarter of fiscal 2010. The merchandise margin decreased 1.5 percent, while buying, distribution and occupancy costs increased 0.2 percent, as a percentage of sales. Selling, general and administrative expenses for the fourth quarter decreased $463,000 to $46.6 million. As a percentage of sales, these expenses decreased 0.6 percent as compared to the fourth quarter of fiscal 2010. Speaking on the results, Mark Lemond, president and chief executive officer, said, “Our fourth quarter sales results were in line with our revised guidance of $181 to $182 million issued early in January. However, we exceeded the high end of our earnings guidance of $0.23 per share by $0.01. Consumer demand for fall footwear, particularly boots, declined significantly as a result of the unseasonably warm weather. Consequently, heavy promotional activity was required during the fourth quarter to effectively sell through this inventory, thus reducing our sales and merchandise margin. The decline in comparable store sales of three percent and the 150 basis point decline in the merchandise margin were attributed to the sales and margin decline in the boot category.”
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV