Shoe Carnival (SCVL) Up on Higher Third Quarter Earnings
Founded in 1978, Shoe Carnival, Inc. is a footwear retailer, offering dress, casual and athletic footwear for men, women and children with emphasis on national and regional name brands.
Shares of Evansville, Indiana, based Shoe Carnival Inc. (SCVL) rose sharply on Tuesday, against the backdrop of a strong day in stocks overall. The company's stock was up $3.75 per share, or 19.11%, to close at $23.37 on volume of 487,327 shares. After the close of the markets on Monday night, the company announced that its revenues for the fiscal third quarter had exceeded previous guidance.
For the fiscal third quarter ending November 1, the Company reported net sales of $254.7 million, an 8.0 percent increase over the net sales of $235.8 million for the third quarter of fiscal 2013. Comparable store sales increased 2.3 percent in the third quarter of fiscal 2014. Net earnings for the third quarter of fiscal 2014 were $10.8 million, or $0.54 per diluted share. For the third quarter of fiscal 2013, the Company reported net earnings of $10.9 million, or $0.54 per diluted share.
Net sales during the first nine months of fiscal 2014 increased $28.1 million to $712.5 million as compared to the same period last year. Comparable store sales for the thirty-nine week period ended November 1, 2014 decreased 0.4 percent. Net earnings for the first nine months of fiscal 2014 were $22.6 million, or $1.12 per diluted share, compared to net earnings of $26.3 million, or $1.29 per diluted share, in the first nine months of last year.
The company also reported that it opened 30 stores during the first nine months of fiscal 2014 as compared to opening 29 stores during the first nine months of last year. For the full fiscal year, the Company expects to open 31 new stores and close seven stores.
"We are pleased to report results that exceeded our expectations for net sales, comparable store sales and earnings per share for the third quarter. These results reflect strong sales in our fashion boot category and progress in key initiatives we announced last year, mainly, national advertising, better brands in our women's department and a reinvigorated e-commerce presence. I am proud of the entire Shoe Carnival family and believe our strategy will continue to benefit long-term sales and earnings growth," commented Cliff Sifford, President and CEO.
The company also reported that in the third quarter of fiscal 2014, it had repurchased approximately 244,000 shares of its common stock at a total cost of $4.5 million. For the nine months ended November 1, 2014, approximately 405,000 shares were repurchased at a total cost of $7.5 million. The amount that remained available under the share repurchase authorization at November 1, 2014 was $12.8 million.
Other News About Shoe Carnival Inc.
Shoe Carnival downgraded from Buy to Hold with a ratings score of C+.
If You Can Beat 'Em, Join 'Em: Why I'm Loading Shoe Carnival Ahead Of Earnings
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