EVANSVILLE, Ind., Jan. 10 /PRNewswire-FirstCall/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL), a leading retailer of value-priced footwear and accessories,
today reported sales for the five-week period ended January 5, 2002 increased
9.4 percent to $53.6 million from sales of $49 million for the five-week
period ended December 30, 2000. Comparable store sales increased 5 percent in
December 2001. Comparable store sales increased 7.8 percent during the same
time period last year.
Mark Lemond, president and chief executive officer, commented, "Our
comparable store sales increase of 5 percent was substantially above our
expectations and was primarily driven by athletic sales. Unseasonably warm
weather throughout most of December hindered sales of cold weather product,
especially boots, but contributed to much stronger sales of athletic product.
In order to accelerate the sales of women's fashion boots we took aggressive
markdowns during the month. These markdowns resulted in slightly lower gross
margins for December as compared with the year-ago period.
"With the positive results of November and December, we anticipate being
at the high-end of our previously stated fourth quarter earnings range of $.07
to $.09 per diluted share."
Sales for the first eleven months of 2001 increased 15.2 percent to
$447.6 million from sales of $388.5 million for the first eleven months of
2000. Comparable store sales increased 2.5 percent for the 48-week period.
Shoe Carnival also announced the closing of one store in Knoxville, TN at
the end of the month. This store had been operated as a clearance store.
To hear the telephone replay of Shoe Carnival, Inc.'s pre-recorded
December sales message, please dial 888-203-1112 followed by conference call
I.D. number 611339 beginning January 10, 2002 at 7:30 a.m. Eastern time. The
telephone replay will be available for one week.
This release contains certain forward-looking statements that involve a
number of risks and uncertainties. Among the factors that could cause actual
results to differ materially are the following: general economic conditions
in the areas of the United States in which the Company's stores are located;
changes in the overall retail environment and more specifically in the apparel
and footwear retail sectors; the impact of competition, weather patterns,
consumer buying trends and the ability of the Company to identify and respond
to emerging fashion trends; the availability of desirable store locations and
management's ability to negotiate acceptable lease terms and open new stores
in a timely manner; higher than anticipated costs associated with the closing
of underperforming stores; and other factors described in the Company's form
10-K for fiscal year 2000.
Shoe Carnival is a chain of 182 footwear stores located in the Midwest,
South and Southeast. Combining value pricing with an entertaining store
format, Shoe Carnival is a leading retailer of name brand and private label
footwear for the entire family. Headquartered in Evansville, IN, Shoe
Carnival trades on the Nasdaq Stock Market under the symbol SCVL. Shoe
Carnival's press releases and annual report are available on the Company's
website at http://www.shoecarnival.com/ .
SOURCE Shoe Carnival, Inc.
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Related links:
http://www.shoecarnival.com
Company News On-Call:
http://www.prnewswire.com/gh/cnoc/comp/127183.html
CONTACT:
Mark L. Lemond, President and Chief Executive
Officer, or W. Kerry Jackson, Senior Vice President and Chief
Financial Officer of Shoe Carnival, Inc., +1-812-867-4034
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