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Shoe Carnival Announces Fourth Quarter And Full Year 2012 Unaudited Sales And Earnings

Stocks in this article: SCVL

Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of value-priced footwear and accessories, today reported unaudited sales results and updated earnings expectations for the fourth quarter and fiscal year ended February 2, 2013. The fourth quarter of fiscal 2012 included 14 weeks compared to 13 weeks in the fourth quarter of fiscal 2011 and the full fiscal year of 2012 included 53 weeks compared with 52 weeks in the full fiscal year of 2011.

Net sales for the 14-week fourth quarter ended February 2, 2013 increased 13.1 percent to $205.7 million compared to net sales of $181.9 million in the 13-week fourth quarter ended January 28, 2012. Sales of approximately $10.7 million were recorded in the extra week of fiscal 2012. Comparable store sales for the 13-week period ended January 26, 2013 increased 0.5 percent compared to the 13-week period ended January 28, 2012.

Net sales for fiscal 2012 increased 12.1 percent to $855.0 million, compared to net sales of $762.5 million for fiscal 2011. Comparable store sales for the fiscal 52-week period ended January 26, 2013 increased 4.5 percent compared to the 52-week period ended January 28, 2012.

Although the year-end audit is not complete, the Company expects to report net earnings for the fourth quarter of fiscal 2012 of $3.2 million, or $0.16 in adjusted earnings per diluted share, as compared to net earnings of $3.3 million, or $0.16 per diluted share for the fourth quarter of fiscal 2011. Earnings per diluted share for the fourth quarter of fiscal 2012, computed in accordance with GAAP, are anticipated to be $0.13.

Net earnings for fiscal 2012 are expected to be $29.3 million, or $1.43 per diluted share, compared to net earnings of $26.4 million, or $1.31 per diluted share reported in fiscal 2011.

While the Company’s payment of a $20.4 million special cash dividend in December 2012 had no effect on fourth quarter or annual net income or annual diluted earnings per share, the expected results for the fourth quarter of fiscal 2012 include a $0.03 reduction in earnings per diluted share due to the application of the two-class method of computing earnings per share in connection with this dividend (see GAAP to Non-GAAP Reconciliation Table below).

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