Press release
Shoe Carnival Reports Third Quarter Fiscal 2019 Results
Reports Record Quarterly Diluted Earnings Per Share Reports Comparable Store Sales Increase of 3.5 Percent Raises Fiscal 2019 Net Sales and Earnings Outlook
About this update from Shoe Carnival, Inc.
[{"type":"text","content":"\nReports Record Quarterly Diluted Earnings Per Share\n\n\nReports Comparable Store Sales Increase of 3.5 Percent \n\n\nRaises Fiscal 2019 Net Sales and Earnings Outlook\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 third quarter and nine months ended November 2, 2019.\n\n\nThird Quarter Highlights\n\n\n\nNet sales increased 2.0 percent to $274.6 million compared to the third quarter last year\n\n\n\n\nRecord earnings per diluted share of $0.94, a 23.7 percent increase over prior year quarter, surpassing the previous record of $0.91 achieved in the first quarter of this fiscal year\n\n\n\n\nComparable store sales increased 3.5 percent\n\n\n\n\nRepurchased 521,800 shares of common stock at a total cost of $16.9 million\n\n\n\n\nCash and cash equivalents were $33.7 million with no outstanding debt as of November 2, 2019\n\n\n\nCliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer, commented, “We are very pleased with our broad-based strength across all product categories, geographies and sales channels in the third quarter. Our record earnings were fueled by solid comparable store sales growth throughout the quarter, including our seventeenth consecutive positive comparable store sales for the month of August. This demonstrates that Shoe Carnival remains a destination for back-to-school family footwear. Our customer-centric organization and fun, engaging shopping environment continues to resonate with consumers and gives us confidence in our raised outlook for fiscal 2019. Going forward, we believe our strong foundation, combined with the recent addition of new customer-data driven resources, positions us well for sustainable, profitable growth for many years to come.”\n\n\nThird Quarter Financial Results\n\n\nThe Company reported net sales of $274.6 million for the third quarter of fiscal 2019, a 2.0 percent increase compared to net sales of $269.2 million for the third quarter of fiscal 2018. Comparable store sales increased 3.5 percent for the third quarter of fiscal 2019.\n\n\nGross profit margin for the third quarter of fiscal 2019 increased 0.7 percent to 30.9 percent compared to 30.2 percent in the third quarter of fiscal 2018. Merchandise margin increased 0.5 per...