EVANSVILLE, Ind., May 17 /PRNewswire/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL) a leading retailer of value-priced footwear and accessories,
today announced record earnings and sales for the first quarter ended May 5,
2001. Net earnings for the first quarter of fiscal 2001 increased 25 percent
to $4.3 million compared with net earnings of $3.4 million in the first
quarter of fiscal 2000. Diluted earnings per share increased 34.6 percent to
$.35 per share from $.26 per share last year. These results represent the
highest quarterly sales, earnings and per share earnings achieved in any
quarter in the Company's history.
Net sales for the first quarter increased 22.8 percent to an all-time
Company record of $117.2 million from $95.4 million last year. Comparable
store sales increased by 2.3 percent for the 13-week period.
Gross profit margin for the first quarter increased 20 basis points to
29.8 percent from 29.6 percent last year. Excluding a charge of $388,000 in
the first quarter of 2001 related to the relocation of a store, selling,
general and administrative expenses, as a percentage of sales, remained
unchanged at 23.0 percent. New store pre-opening costs incurred in the first
quarter were $187,000, or 0.2 percent of sales, compared with $451,000, or
0.5 percent of sales last year.
Interest costs rose to $2.6 million in the first quarter from $2.2 million
last year due to increased borrowings used to fund the store expansion and the
repurchased common shares in fiscal 2000. The effective income tax rate for
the first quarter was 37.5 percent compared with 39.5 percent last year.
Mark Lemond, president and chief executive officer stated, "We are
definitely pleased with our success in what was generally considered to be a
sluggish retail quarter. Our outstanding results for the first quarter
represent the third consecutive quarter of record sales and earnings per
share. We continue to believe these results are being driven by a strong
product offering in addition to our unique retail concept. In our most recent
quarter, fashion athletic and young men's casual product were the categories
that drove our business. We expect this product trend to continue and look
for the women's fashion business to improve during the summer months.
During the first quarter three stores were opened and two existing stores
were relocated. Currently, 17 or 18 stores are anticipated to be opened
during 2001.
Mr. Lemond continued, "With the prospects of an improving economy in 2002,
we intend to resume our 20 percent store growth rate next year. This would
equate to the addition of approximately 35 to 40 stores in 2002."
The three stores opened during the first quarter included locations in:
City Market/Stores
Midland, TX Midland, 1
Arnold, MO St. Louis, 9
Richmond, VA Richmond, 3
Today, at 2:00 p.m. Eastern time, the Company will host a conference call
to discuss the first quarter results. The public can listen to the live
webcast of the call by visiting Shoe Carnival's Corporate Information page at
http://www.shoecarnival.com . While the question-and-answer session will be available
to all listeners, questions from the audience will be limited to institutional
analysts and investors. A replay of the webcast will be available on our
website for two weeks beginning approximately two hours after the conclusion
of the conference call.
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 168 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 .
Financial Tables Follow
SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
(In thousands, except per share)
(Unaudited)
13 Weeks Ended
May 5, April 29,
2001 2000
Net sales $117,186 $95,405
Cost of sales (including buying,
distribution and occupancy costs) 82,230 67,212
Gross profit 34,956 28,193
Selling, general and administrative expenses 27,287 21,943
Operating income 7,669 6,250
Interest expense 805 579
Income before income taxes 6,864 5,671
Income taxes 2,574 2,240
Net income $4,290 $3,431
Net income per share:
Basic $.36 $.26
Diluted $.35 $.26
Average shares outstanding:
Basic 11,971 12,974
Diluted 12,303 13,149
SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
(Unaudited)
ASSETS
May 5, February 3, April 29,
2001 2001 2000
Current Assets:
Cash and cash equivalents $3,677 $3,227 $2,767
Accounts receivable 706 1,067 624
Merchandise inventories 128,158 123,035 111,980
Deferred income tax benefit 755 728 795
Other 3,495 1,434 1,476
Total Current Assets 136,791 129,491 117,642
Property and equipment-net 57,636 57,860 55,503
TOTAL ASSETS $194,427 $187,351 $173,145
LIABILITIES AND SHAREHOLDERS' EQUITY
Current Liabilities:
Accounts payable $31,843 $33,030 $28,781
Accrued and other liabilities 11,665 7,896 9,255
Current portion of long-term debt 913 874 776
Total Current Liabilities 44,421 41,800 38,812
Long-term debt 40,976 41,137 31,331
Deferred lease incentives 4,035 3,651 3,187
Deferred income taxes 4,090 4,386 3,487
Other 130 64 --
TOTAL LIABILITIES 93,652 91,038 76,817
SHAREHOLDERS' EQUITY 100,775 96,313 96,328
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY $194,427 $187,351 $173,145
SOURCE Shoe Carnival, Inc.
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Related links:
http://www.shoecarnival.com
Company News On-Call:
http://www.prnewswire.com/comp/127183 135751.html or fax,
800-758-5804, ext. 127183 135751
CONTACT:
Mark L. Lemond, President and Chief Executive
Officer, or W. Kerry Jackson, Vice President, Chief Financial
Officer and Treasurer of Shoe Carnival, Inc., 812-867-4034
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