EVANSVILLE, Ind., Oct. 18 /PRNewswire/ -- Shoe Carnival, Inc.
(Nasdaq: SCVL), a leading retailer of value-priced footwear and accessories,
today announced that it has been recognized by Forbes Magazine as one of the
best small companies in America. The comprehensive annual list was published
in Forbes Magazine's October 29, 2001 issue and is also posted on its web
site.
Forbes stated in their article, "There is no doubt that Forbes' 200 Best
Small Companies in America are the premier publicly traded up and coming
outfits. First, all of these companies have stellar track records -- over
both the long and short term -- in growth and profitability. Second, their
annual reports and 10-Qs have been examined thoroughly by our statisticians
for any balance sheet problems, legal problems or other potential pitfalls
that might derail these proven winners. There are no guarantees that all of
these companies will eventually blossom into blue chips. But they have passed
extremely difficult hurdles to be named one of America's Best Small Companies.
To wit: this year less than 1% of those companies eligible for this list made
it."
Selection criteria include five-year sales and earnings-per-share growth
rates of at least 5% and annual net income greater than $5 million. The ranks
are determined by weighing a combination of return on equity, sales and
earnings per share growth -- each measured during the past five years and most
recent four quarters. During the past five years, Shoe Carnival's sales
growth averaged 15% and earnings-per-share growth averaged 21% while
maintaining an 11% average return on equity.
Mark L. Lemond, president and chief executive officer commented, "We are
honored to be included in Forbes' 200 Best Small Companies in America. We
attribute our strong growth and financial performance over the past five years
to our unique retail concept, our continuous process of improving that
concept, the support of our vendors and the hard work and dedication of our
3,500 employees."
Five years ago in September of 1996, Mr. Lemond and the current management
team assumed control of Shoe Carnival, a company at that time struggling with
inconsistent growth. In the year prior to the change in management, the
Company had recorded the largest loss in its history. In early 1996, the
Company's price per share declined to its all-time low of around $3 per share.
The strategy for the return to success was clear. The stores and the product
needed to be repositioned from a deep discount, almost warehouse style selling
philosophy, to a family footwear store that offered value to consumers through
not only price, but by offering a wide selection of quality brands in a
service oriented environment. The success of the changes was immediate.
Since September 1996 the Company has doubled in sales and number of stores
operated and is on track to triple its earnings per share. In addition to the
recognition by Forbes Magazine, the success of the Company was also recently
recognized with Mr. Lemond winning on behalf of the Company the Indiana
Heartland 2001 Ernst and Young Entrepreneur of the Year award for retail.
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 183 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.
 back to top
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
|
