EVANSVILLE, Ind., Aug. 8 /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 August 3, 2002 increased
5.0 percent to $41.9 million from sales of $40 million for the four-week
period ended August 4, 2001. Comparable store sales decreased 2.3 percent in
July, 2002.
Due to strong gross margins and tight expense controls, the Company
expects earnings for the second quarter to be in the range of $0.26 to $0.27
per diluted share. This represents a 30 percent to 35 percent increase over
earnings of $.20 per diluted share for the second quarter of last year.
Mark Lemond, president and chief executive officer stated, "Our plan of
reducing merchandise inventory levels, particularly in the women's non-
athletic category, resulted in improved gross profit margins for the second
quarter and first six months. Consequently, even though our sales were
impacted by a slower retail climate in the spring and summer season, our net
profitability remained exceptionally strong.
"Like many other specialty retailers, we experienced a downturn in sales
in the middle of July. However, business picked up significantly during the
last weekend of the month on a comparable basis with last year as the back-to-
school season kicked in. Stores in states that offered a moratorium on sales
tax performed remarkably well."
Sales for the 13-week second quarter ended August 3, 2002 increased
9.3 percent to $124.6 million from sales of $114 million for the prior year
second quarter ended August 4, 2001. Comparable store sales decreased
0.5 percent for the 13-week period.
Sales for the first six months of 2002 increased 9.9 percent to
$254 million from sales of $231.2 million for the first six months of 2001.
Comparable store sales increased 0.4 percent for the 26-week period.
The Company also announced the opening of four stores in July. The new
stores are located in McAllen, TX, Casselberry, FL (Orlando market), Harvey,
LA (New Orleans market) and Mishawaka, IN (South Bend market). The Company
opened 15 stores in the first half of 2002 and expects to open 10 additional
stores in the second half of the year.
Management will report and discuss second quarter earnings on
August 15, 2002.
To listen to Shoe Carnival, Inc.'s prerecorded July 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 197 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
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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