EVANSVILLE, Ind., June 14 /PRNewswire/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL) executives discussed the Company's growth strategy and
announced executive promotions at the annual meeting of shareholders today.
In his remarks, Chairman J. Wayne Weaver stated, "Over the past three
quarters, we have regained the sales and earnings momentum we enjoyed from
1996 to 1999. After three years of record sales and profits, the Company
struggled through a disappointing first half of 2000 only to rebound in the
second half with outstanding sales and earnings. This strong momentum
continued into the first quarter with the achievement of an all-time Company
record for quarterly sales and earnings. Our performance has been
exceptional, especially when taken against the backdrop of a slowing economy
and higher gas and energy costs. We are confident that we have the best
retail concept in the industry and will weather the downturn in the economy by
combining an unequalled selection of footwear for the entire family with value
pricing and an entertaining atmosphere."
Mark L. Lemond, president and chief executive officer, added "At the time
of our initial public offering in March of 1993 the Company operated
39 stores. Today we operate 170 stores. This represents a 336 percent
increase in the number of stores operated and gives Shoe Carnival the
distinction of being the fastest growing family footwear retailer in America.
We will continue to grow our store base, but given the sluggish economy in
2001, we elected to slow our store growth for the year to 17 or 18 stores. We
expect to return to a more normal store growth rate of 20 percent next year,
assuming a stronger economy materializes. This equates to opening between
35 and 40 stores in 2002. We anticipate sales growth through the opening of
new stores will be the primary driver of future earnings."
Shareholders re-elected Mark L. Lemond and James A. Aschleman to the
Company's Board of Directors for a term of three years. Mr. Lemond has served
as a Director of the Company since 1988. Mr. Aschleman was appointed to fill
a vacant Director position on May 10, 2001. Shareholders also ratified the
reappointment of Deloitte & Touche, LLP as auditors for the Company for the
2001 fiscal year.
The Board of Directors announced the promotions of Timothy T. Baker to
Executive Vice President - Store Operations, Clifton E. Sifford to Executive
Vice President - General Merchandise Manager, W. Kerry Jackson to Senior Vice
President - Chief Financial Officer and Treasurer and David A. Kapp, Vice
President - Merchandise Allocation, was designated an executive officer.
Mr. Weaver closed the meeting by saying, "I want to welcome Jim Aschleman
to our Board of Directors. As a partner with a prominent law firm, Jim's
practice primarily centers around advising public companies on securities
regulations, corporate finance matters and corporate governance issues.
Jim's legal expertise will add a unique perspective to our existing Board of
Directors.
"I would also like to congratulate Tim, Cliff, Kerry and David for their
promotions. They are all well deserved. We look forward to their continued
leadership as we grow Shoe Carnival to a national presence."
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 170 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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