EVANSVILLE, Ind., Feb. 3 /PRNewswire/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL), a leading retailer of value-priced footwear and accessories,
today reported sales for the four-week period ended January 29, 2000,
increased 12.8 percent to $18.6 million from sales of $16.5 million for the
four-week period ended January 30, 1999. Comparable store sales decreased
5.7 percent in January 2000 versus a 5.9 percent increase in January 1999.
Mark L. Lemond, president and chief executive officer commented, "After a
very strong start, our sales in January were negatively impacted by the severe
winter weather in the last two weeks of the month, particularly the snow and
ice storms in the South, mid-South and Southeastern regions. Even though
January sales were below expectations, an increase in gross profit margins for
the month combined with strong cost controls partially offset the financial
impact of the decrease in sales. Therefore, the Company still expects to
report fourth quarter earnings within the previously announced range of
$0.03 to $0.05 per diluted share, albeit towards the low end of that range.
"Additionally, with significant spring product receipts in December and
January, and good liquidation of boots in the last two weeks of January, our
inventories are in great shape for the upcoming spring season."
Sales for the thirteen-week fourth quarter increased 20.7 percent to
$84.4 million from sales of $69.9 million for the thirteen-week fourth quarter
ended January 30, 1999. Comparable store sales decreased by 0.4 percent for
the thirteen-week period.
Sales for the 1999 fiscal year ended January 29, 2000, increased
21.3 percent to $339.9 million from sales of $280.2 million for the 1998
fiscal year ended January 30, 1999. Comparable store sales increased by
1.4 percent for the 52-week period.
Fourth quarter and year-end results will be released before the stock
market opens on March 9, 2000.
The Company also announced that a store in the Des Moines, IA, area closed
on January 12, 2000.
This press 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; and changes in the political and economic
environments in the People's Republic of China and Brazil, where most of the
Company's products are manufactured, and the continued favorable trade
relationships between those countries and the United States.
Shoe Carnival is a chain of 138 footwear stores located in the Midwest and
mid-South. 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/comp/787787.html or fax,
800-758-5804, ext. 787787
CONTACT:
Mark L. Lemond, President and Chief Executive
Officer, or W. Kerry Jackson, Vice President and Chief Financial
Officer, both of Shoe Carnival, Inc., 812-867-4034
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