Market Overview

Shoe Carnival Provides First Quarter 2017 Comparable Store Sales

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Shoe Carnival, Inc. (NASDAQ:SCVL), a leading retailer of moderately
priced footwear and accessories, today provided comparable stores sales
results for the first fiscal quarter ended April 29, 2017, and an
updated outlook for annual net sales and diluted earnings per share.

Cliff Sifford, Shoe Carnival's President and Chief Executive Officer
commented, "Our sales results improved as we progressed through the
first quarter, but it was not enough to offset the soft start we
experienced at the beginning of the year with comparable store sales
down mid-teens in February. We primarily attribute the decline in our
February sales to the delay in tax refund checks. Most recently, we have
generated improved sales and we are optimistic that our financial
performance will improve as we progress through fiscal 2017. We continue
to believe the strength of our balance sheet and cash flow will enable
us to enhance value for shareholders through our existing dividend and
share repurchase programs."

Comparable store sales in the first quarter of fiscal 2017 decreased 3.9
percent as a result of a slower start to the fiscal year. The Company
now expects fiscal year 2017 net sales to be in the range of $1.002
billion to $1.018 billion, with comparable store sales flat to down low
single digits, and earnings per diluted share in the range of $1.30 to
$1.45. This compares to the Company's prior outlook for net sales of
$1.028 billion to $1.040 billion, with comparable store sales flat to up
low single digits and earnings per diluted share of $1.45 to $1.54.
Fiscal 2016 earnings per diluted share were $1.28 and adjusted earnings
per diluted share were $1.40.

The Company does not plan to release preliminary financial results in
the future other than in unique circumstances, or in the event of a
material event that requires disclosure.

The Company expects to report first quarter fiscal year 2017 financial
results on Thursday, May 25, 2017, after the market close and will host
its quarterly conference call to discuss these results at 4:30 p.m.
Eastern Time. This call is webcast and can be accessed at the Investors
section of Shoe Carnival's website at www.shoecarnival.com.
The online replay of the conference call will be available shortly after
the call and will be available for one year.

About Shoe Carnival

Shoe Carnival, Inc. is one of the nation's largest family footwear
retailers, offering a broad assortment of moderately priced dress,
casual and athletic footwear for men, women and children with emphasis
on national and regional name brands. As of May 2, 2017, the Company
operates 417 stores in 35 states and Puerto Rico, and offers online
shopping at www.shoecarnival.com.
Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ
Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases
and annual report are available on the Company's website at www.shoecarnival.com.

Cautionary Statement Regarding Forward-Looking Information

This press release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, 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 continental United States in which our
stores are located and the impact of the ongoing economic crisis in
Puerto Rico on sales at, and cash flows of, our stores located in Puerto
Rico; the effects and duration of economic downturns and unemployment
rates; changes in the overall retail environment and more specifically
in the apparel and footwear retail sectors; our ability to generate
increased sales at our stores; 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; our ability to successfully manage and execute our marketing
initiatives and maintain positive brand perception and recognition;
changes in weather patterns, consumer buying trends and our ability to
identify and respond to emerging fashion trends; the impact of
disruptions in our distribution or information technology operations;
the effectiveness of our inventory management; the impact of hurricanes
or other natural disasters on our stores, as well as on consumer
confidence and purchasing in general; risks associated with the
seasonality of the retail industry; the impact of unauthorized
disclosure or misuse of personal and confidential information about our
customers, vendors and employees; our ability to manage our third-party
vendor relationships; our ability to successfully execute our growth
strategy, including the availability of desirable store locations at
acceptable lease terms, our ability to open new stores in a timely and
profitable manner, including our entry into major new markets, and the
availability of sufficient funds to implement our growth plans; higher
than anticipated costs or impairment charges associated with the closing
of underperforming stores; our ability to successfully grow our
e-commerce sales; the inability of manufacturers to deliver products in
a timely manner; changes in the political and economic environments and
the continued favorable trade relations in China and the other countries
which are the major manufacturers of footwear; the impact of regulatory
changes in the United States and the countries where our manufacturers
are located; the resolution of litigation or regulatory proceedings in
which we are or may become involved; our ability to meet our labor needs
while controlling costs; and future stock repurchases under our stock
repurchase program and future dividend payments, and other factors
described in the Company's SEC filings, including the Company's latest
Annual Report on Form 10-K.

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.

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