EVANSVILLE, Ind., Feb. 7 /PRNewswire-FirstCall/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL), a leading retailer of value-priced footwear and accessories,
today reported sales for the month of January, the fourth quarter and fiscal
year of 2001 which ended on February 3, 2002. The respective reporting
periods are four weeks, thirteen weeks and 52 weeks. The respective reporting
periods for the prior year were five weeks, fourteen weeks and 53 weeks.
Sales for the four-week period ended February 2, 2002 decreased
2.7 percent to $28.8 million from sales of $29.6 million for the five-week
period ended February 3, 2001. The decrease in sales resulted from the
inclusion of an additional week of sales in January 2001. On a comparable week
basis, with January 2001 restated to include four weeks instead of five, total
sales increased 22.9 percent in January 2002. Comparable store sales
increased 12.9 percent for the four-week period of January 2002 when compared
to the same four-week period in the prior year. Comparable store sales in
January 2001 increased 6.9 percent.
Mark Lemond, president and chief executive officer commented, "Our
comparable store sales increase of 12.9 percent in January far exceeded our
expectations during what is traditionally a winter product clearance period.
Importantly, substantial increases were achieved in all categories of
footwear, though athletic product sales continued to be the strongest.
Aggressive promotions during January cleared a significant amount of winter
product, particularly women's, men's and children's boots, but resulted in
lower gross margins for the month as compared with the year-ago period.
Accordingly, our inventories of fall and winter product are significantly
lower on a per-store basis than at this time last year."
Sales for the thirteen-week fourth quarter ended February 2, 2002
increased 7.3 percent to $120.6 million from sales of $112.4 million for the
fourteen-week fourth quarter ended February 3, 2001. On a comparable quarter
basis, with the fourth quarter of 2000 restated to include thirteen weeks
instead of fourteen, total sales increased 14 percent. Comparable store sales
increased 6.6 percent for the thirteen-week period.
Sales for the 52-week 2001 fiscal year ended February 2, 2002, increased
14 percent to $476.5 million from sales of $418.2 million for the 53-week 2000
fiscal year ended February 3, 2001. On a comparable year basis, with 2001
restated to include 52 weeks instead of 53, total sales increased
15.5 percent. Comparable store sales increased 3.0 percent for the 52-week
periods.
Due to better than expected sales results for the fourth quarter, the
Company anticipates earnings at the high end of the previously stated range of
$.07 to $.09 per diluted share. This would result in annual earnings of
approximately $1.00 to $1.01 per diluted share. Included in the earnings
expectation for the fourth quarter is an after-tax charge of approximately
$.02 per diluted share for costs related to a store which closed in December
2001. The Company intends to report its results for fourth quarter and full
year of 2001 on March 6, 2002.
To hear the telephone replay of Shoe Carnival, Inc.'s pre-recorded January
sales message, please dial 888-203-1112 followed by conference call I.D.
number 611339 beginning on February 7, 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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