Press release
Shoe Carnival Reports Fourth Quarter and Fiscal Year 2019 Financial Results
Fiscal 2019 Record Net Sales and Earnings Exceed Company Expectations Reports Fourth Quarter Comparable Store Sales Increase of 3.2 Percent Declares
About this update from Shoe Carnival, Inc.
[{"type":"text","content":"\nFiscal 2019 Record Net Sales and Earnings Exceed Company Expectations\n\n\nReports Fourth Quarter Comparable Store Sales Increase of 3.2 Percent\n\n\nDeclares Quarterly Cash Dividend\n\n EVANSVILLE, Ind.--(BUSINESS WIRE)--\nShoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of moderately priced footwear and accessories, today reported results for the fourth quarter and fiscal year ended February 1, 2020.\n\n\nFourth Quarter and Fiscal Year 2019 Highlights\n\n\n\nNet sales of $239.9 million for the quarter and record sales of $1.037 billion for the fiscal year\n\n\n\n\nNet income of $3.5 million for the quarter and record net income of $42.9 million for the fiscal year\n\n\n\n\nRecord earnings per diluted share of $2.92 for the fiscal year\n\n\n\n\nComparable store sales increased 3.2 percent for the quarter and 1.9 percent for the fiscal year\n\n\n\n\nCash and cash equivalents of $61.9 million with no outstanding debt as of February 1, 2020\n\n\n\n\nRepurchased 1.1 million shares of common stock at a total cost of $37.8 million under the Company’s share repurchase programs during the fiscal year and paid $5.7 million in quarterly cash dividends during the fiscal year\n\n\n\n“2019 was another record year for Shoe Carnival, as we exceeded our sales and earnings expectations, while extending our leadership position in the family footwear segment. In addition, we delivered the eleventh consecutive year of comparable same store sales growth, driven in large part by strong performance in non-athletic footwear and accessories,” commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.\n\n\n“Last week, we made the difficult decision to close our stores until April 2, 2020. As the COVID-19 pandemic upends our daily lives, the health and safety of our employees, our customers, and our communities are our primary concern. For now we continue to serve our loyal customers through our website, www.shoecarnival.com, and our mobile app,” continued Sifford. “From a corporate standpoint, our strong balance sheet and prudent expense management provides us the financial flexibility to keep our steady footing during this challenging economic time. In addition, our long-standing vendor relationships and proven history of good inventory management enables us to remain agile. These are both critical attri...