EVANSVILLE, Ind., June 15 /PRNewswire/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL) executives outline the Company's strategies that have delivered
consistent revenue and earnings growth over the past three years and state
future growth plans at the annual meeting of shareholders today.
In his remarks, Chairman J. Wayne Weaver stated, "The foundation we have
built with our people, our systems and our unique retail concept has yielded
remarkable results. This past quarter represents the thirteenth consecutive
quarter of double digit net income and earnings per share increases. Our
strategy is proven, and our objectives are sound. Our primary objectives are
to continue to increase the operating margin while we expand our store base by
25% per year. While these objective are aggressive, they are achievable."
Mark L. Lemond, President and CEO, added "In 1998, 20 new stores were
opened and one was closed. In 1999, we will add 28 new stores and increase
openings to between 30 and 35 stores in the year 2000. We expect to continue
to expand our operating margin during this period of aggressive growth as we
have done in the past."
Shareholders re-elected J. Wayne Weaver and Gerald W. Schoor to the
Company's Board of Directors for a term of three years. Mr. Weaver has served
as a director of the Company since 1988 and Mr. Schoor since 1993.
Shareholders also ratified the reappointment of Deloitte & Touche, LLP as
auditors for the Company for the 1999 fiscal year.
Mr. Weaver closed the meeting by saying, "We are proud of our 2,000
dedicated associates and the performance they have achieved for our
shareholders over the past three years. We look to expansion as the future of
the Company. We firmly believe that value will be created for our
shareholders by bringing value to our current, and future, customers."
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 1998.
Shoe Carnival is a chain of 120 footwear stores located in the Midwest and
mid-South. 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.
 back to top
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, 812-867-4034, of Shoe Carnival, Inc.
|
