EVANSVILLE, Ind., Nov. 7 /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 November 2, 2002 increased
24 percent to $37.9 million from sales of $30.5 million for the four-week
period ended November 3, 2001. Comparable store sales increased 13.7 percent
in October 2002.
Mark L. Lemond, president and chief executive officer commented,
"Undoubtedly, cooler than normal weather in the Midwest provided the impetus
for consumers to shop for Fall product during the month of October. However,
all of the company's associates are to be congratulated for their substantial
efforts during the last six weeks. This extra effort, combined with the
strength of the Shoe Carnival concept, enabled us to reverse the negative
sales trend of September and achieve the largest monthly comp-store sales gain
since 1998. This double-digit increase was especially gratifying because
gross profit margins for both the month and the third quarter were only
slightly below last year's margins for the same periods.
"Further, given the recent sales trend, we are now more optimistic about
the fourth quarter than we were a month ago."
Sales for the 13-week third quarter increased 10 percent to $137.7 million
from sales of $124.8 million for the 13-week quarter ended November 3, 2001.
Comparable store sales increased 1.3 percent for the 13-week period. Due to
the better than expected sales results, the Company increased its third
quarter earnings expectations to between $.37 and $.38 per share from its
prior guidance of between $.32 and $.34 per share.
Sales for the first nine months of 2002 increased 10 percent to
$391.7 million from sales of $356.0 million for the first nine months of 2001.
Comparable store sales increased 0.7 percent for the 39-week period.
The Company also announced the opening of four stores in October, one each
in Ocala, Florida (Orlando Market); Boardman, Ohio; Hattiesburg, Mississippi;
and Beaumont, Texas.
To hear the telephone replay of Shoe Carnival, Inc.'s pre-recorded October
sales message, please dial 888-203-1112 followed by conference call I.D.
number 611339 beginning today at 7:30 a.m. Eastern time. The telephone replay
will be available for one week.
Third quarter earnings results will be announced by the Company on
November 21, 2002.
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 207 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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