Shoe Carnival, Inc. (Nasdaq:SCVL), a leading retailer of value-priced footwear and accessories, today reported results for the first quarter ended April 28, 2012.
First Quarter Highlights
- Net sales of $222.6 million, a 12.2 percent increase compared to the first quarter last year
- Growth in comparable store sales of 7.3 percent
- Earnings per diluted share increased 8.0 percent to $0.54 (adjusted for the three-for-two stock split effected April 27, 2012)
- Company opened 13 new stores, including six stores in the Dallas/Fort Worth Metroplex
Mark Lemond, President and CEO, commented, “During the first quarter of 2012, we exceeded our earnings expectations and reported the highest quarterly earnings in the Company’s history. Customers responded favorably to our athletic and spring footwear assortment, which helped generate sales at the high end of our guidance for the first quarter. Additionally, our gross profit margin and expenses were better than we originally anticipated.”
Completion of Stock Split and First Quarter Financial Results
On March 23, 2012, the Company’s Board of Directors authorized a three-for-two stock split of the shares of the Company’s common stock, which was effected in the form of a stock dividend. The stock split entitled each shareholder of record at the close of business on April 13, 2012 to receive one additional share of common stock for every two shares of common stock owned as of that date, and was paid on April 27, 2012. Upon the completion of the stock split, the Company’s outstanding shares increased from approximately 13.6 million shares to approximately 20.4 million shares. The financial information included with this press release has been adjusted to reflect the completion of the stock split.
The Company reported net sales of $222.6 million for the first quarter of fiscal 2012, a 12.2 percent increase over net sales of $198.5 million in the first quarter of fiscal 2011. Comparable store sales increased 7.3 percent for the first quarter of fiscal 2012. Net earnings for the first quarter increased to $11.0 million, or $0.54 per diluted share, from net earnings of $9.9 million, or $0.50 per diluted share in the first quarter of last year.