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Shoe Carnival Q3 net income rises to 10.7 mn dollars

By Prachi Singh

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Business

Shoe Carnival reported net sales of 287.5 million dollars for the third quarter of fiscal 2017, a 4.7 percent increase, while comparable store sales increased 4.4 percent. Gross profit margin decreased 0.1 percent to 29.8 percent compared to 29.9 percent in the third quarter of fiscal 2016. Net income for the quarter was 10.7 million dollars or 0.66 dollar per diluted share compared to 9.7 million dollars or 0.54 dollar per diluted share.

“During the quarter, our traffic was down low single digits, particularly due to the three hurricanes affecting Texas, Florida and Puerto Rico. Despite the inclement weather in these regions, we experienced solid increases in both units per transaction and conversion which helped drive a 4.4 percent increase in comparable store sales for the quarter. These increases, combined with our ongoing commitment and ability to effectively manage expenses, resulted in a 22 percent year-over-year increase in quarterly earnings per diluted share.”

Net sales for the nine months rise by 9 mn dollars

Net sales during the first nine months of fiscal 2017 increased 9 million dollars to 775.9 million dollars and comparable store sales increased 0.4 percent.

Net earnings were 22.8 million dollars or 1.38 dollars per diluted share, compared to 24.4 million dollars or 1.31 dollars per diluted share, in the first nine months of fiscal 2016. The gross profit margin was 29.1 percent compared to 29.3 percent in the same period last year.

Shoe Carnival expects to post rise in FY17 net sales

The company expects fiscal 2017 net sales to be in the range of 1.020 billion dollars to 1.025 billion dollars, with comparable store sales flat to up low single digits. Earnings per diluted share are expected to be in the range of 1.42 dollars to 1.49 dollars compare to fiscal 2016 earnings per diluted share of 1.28 dollars and adjusted earnings per diluted share were 1.40 dollars.

The company opened 19 stores and closed ten stores during the first nine months of fiscal 2017 compared to 15 store openings and five store closings in the first nine months of fiscal 2016. The company expects to open 19 stores and close 26 stores during fiscal 2017 compared to opening 19 stores and closing nine stores during fiscal 2016.

Picture:Facebook/Shoe Carnival

Shoe Carnival