EVANSVILLE, Ind., May 9 /PRNewswire-FirstCall/ --
Shoe Carnival, Inc. (Nasdaq: SCVL), a leading retailer of value-priced
footwear and accessories, today reported sales for the four-week period ended
May 4, 2002 decreased 2.4 percent to $39.7 million from sales of $40.6 million
for the four-week period ended May 5, 2001. Comparable store sales decreased
11.3 percent in April 2002.
An earlier Easter this year shifted the week preceding Easter, the highest
sales volume week of the quarter, from April last year into March this year.
This shift accounted for the negative comparable store sales in April.
Combining the results for March and April gives a more accurate reflection of
the results of the Easter selling season. For the combined months of March
and April 2002, total sales increased 9.3 percent to $94.5 million from
$86.5 million for the two-month period last year. Comparable store sales for
the combined months of March and April were flat with last year.
Sales for the first quarter ended May 4, 2002 increased 10.4 percent to
$129.4 million from sales of $117.2 million for the first quarter ended May 5,
2001. Comparable store sales increased 1.1 percent for the thirteen-week
period.
Mark Lemond, president and chief executive officer stated, "While sales
during the first quarter were slightly below plan, gross margins were higher
than last year due to a better inventory position going into the Spring
selling season. Additionally, our managers have done an excellent job of
controlling expenses. Consequently, we expect first quarter earnings to be in
the range of $.43 to $.44 per diluted share, considerably above previous
expectations."
The Company also announced the opening of three new stores in April, one
each in the Greendale, WI (Milwaukee area), Houma, LA (New Orleans area) and
the Norridge, IL (Chicago area).
Shoe Carnival, Inc. expects to announce first quarter results on May 16,
2002.
To listen to Shoe Carnival, Inc.'s prerecorded April sales message, dial
1-888-203-1112, followed by I.D. number 611339 beginning today at 7:30 a.m.
Eastern time. This replay will be accessible for one week.
This press release contains forward-looking statements that involve a
number of risks and uncertainties. A number of factors could cause our actual
results, performance, achievements or industry results to be materially
different from any future results, performance or achievements expressed or
implied by these forward-looking statements. These factors include, but are
not limited to: general economic conditions in the areas of the United States
in which our stores are located; changes in the overall retail environment and
more specifically in the apparel and footwear retail sectors; the potential
impact of national and international security concerns on the retail
environment; changes in our relationships with key suppliers; the impact of
competition and pricing; changes in weather patterns, consumer buying trends
and our ability to identify and respond to emerging fashion trends; risks
associated with the seasonality of the retail industry; the availability of
desirable store locations at acceptable lease terms and our ability to open
new stores in a timely manner; higher than anticipated costs associated with
the closing of underperforming stores; the inability of manufacturers to
deliver products in a timely manner; changes in the trade relationships
between the United States and countries which are the major manufacturers of
footwear.
In addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may be incorrect or imprecise and
involve known and unknown risks, uncertainties and other factors. Accordingly,
any forward-looking statements included in this press release do not purport
to be predictions of future events or circumstances and may not be realized.
Forward-looking statements can be identified by, among other things, the use
of forward-looking terms such as "believes," "expects," "may," "will,"
"should," "seeks," "pro forma," "anticipates," "intends" or the negative of
any of these terms, or comparable terminology, or by discussions of strategy
or intentions. Given these uncertainties, we caution investors not to place
undue reliance on these forward-looking statements, which speak only as of the
date hereof. We disclaim any obligation to update any of these factors or to
publicly announce any revisions to the forward-looking statements contained in
this press release to reflect future events or developments.
Shoe Carnival is a chain of 188 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
http://www.prnewswire.com/comp/787787.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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