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Shoe Carnival Reports Third Quarter 2012 Results

Stocks in this article: SCVL

Shoe Carnival, Inc. (Nasdaq: SCVL) a leading retailer of value-priced footwear and accessories, today reported results for the third quarter ended October 27, 2012.

Third Quarter Highlights

  • Net sales of $244.4 million, a 13.4 percent increase, compared to the third quarter last year
  • Comparable store sales increased 6.2 percent
  • Quarterly earnings per diluted share of $0.60 represented a 15.4% increase over the previous record earnings per diluted share of $0.52, which was achieved in the third quarter of fiscal 2011
  • Company opened six new stores, including two additional stores in Puerto Rico

“Our team did a great job in positioning us for a highly successful back-to-school season. We achieved comparable store sales at the high end of our guidance and record earnings. Our strong financial performance was the result of a marketing effort that resonated with our core consumer. We showcased the fashion trends currently driving footwear demand and reached additional customers through the opening of stores in new and existing markets,” stated Cliff Sifford, President and CEO.

Financial Results

The Company reported net sales of $244.4 million for the third quarter of fiscal 2012, a 13.4 percent increase, compared to net sales of $215.5 million in the third quarter of fiscal 2011. Comparable store sales increased 6.2 percent in the third quarter of fiscal 2012.

The gross profit margin for the third quarter of fiscal 2012 increased to 31.3 percent compared to 30.2 percent for the third quarter of fiscal 2011. The merchandise margin increased 0.6 percent, while buying, distribution and occupancy costs decreased 0.5 percent as a percentage of sales.

Selling, general and administrative expenses for the third quarter increased $7.6 million to $55.9 million; as a percentage of sales, these expenses increased to 22.9 percent compared to 22.4 percent in the third quarter of fiscal 2011. The increase in expense was primarily due to operating more stores and increased incentive compensation versus the third quarter last year.

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