EVANSVILLE, Ind., June 8 /PRNewswire/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL) executives discussed the Company's growth strategy and current
sales trends at the annual meeting of shareholders today.
In his remarks, Chairman J. Wayne Weaver stated, "Fiscal 1999 marked the
third consecutive year that we delivered record sales and earnings results.
During this three-year time frame we have continued our store growth by adding
45 stores to our store base. Later this month we will celebrate the milestone
of opening our 150th store. These successes bring us closer to the
realization of our goal of being a nationally recognized retailer of brand
name family footwear. But success isn't always achieved in a straight line.
We are disappointed that we did not deliver better results for the past two
quarters. We, along with the majority of the footwear industry, experienced
sluggish sales of boots in the fourth quarter of 1999 and sandalized footwear
in the first quarter of 2000. While we couldn't control the weather, rising
interest rates or other factors that contributed to the poor sales of the
seasonal product we are aggressively controlling our inventories and expenses.
These basic concepts of managing inventories and expenses will help to
mitigate the downside of a weak retail environment, but more importantly, will
position the Company for increasing profitability when a stronger retail
environment materializes."
Mark L. Lemond, president and chief executive officer, added "In fiscal
2000, we will continue our growth with opening of approximately 30 stores,
including the six stores we opened in the first quarter. With the opening of
stores in Oklahoma and Louisiana in June, Shoe Carnival will have locations in
22 states throughout the Midwest, South and Southeast."
Shareholders re-elected William E. Bindley to the Company's Board of
Directors for a term of three years. Mr. Bindley has served as a director of
the Company since 1993.
Shareholders also approved the 2000 Stock Option and Incentive Plan and
ratified the reappointment of Deloitte & Touche, LLP as auditors for the
Company for the 2000 fiscal year.
Mr. Weaver closed the meeting by saying, "We are confident that we have
the best retail concept in the industry. Combining an unequalled selection of
footwear for the entire family with value pricing and an entertaining
atmosphere delivers value to our customer, and our shareholders."
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 1999.
Shoe Carnival is a chain of 147 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/comp/127183.html or fax,
800-758-5804, ext. 127183
CONTACT:
Mark L. Lemond, President and Chief Executive
Officer, or W. Kerry Jackson, Vice President and Chief Financial
Officer of Shoe Carnival, Inc. 812-867-4034
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