Shoe Carnival Provides Updated Financial Guidance - Yahoo Finance
EVANSVILLE, Ind.--(BUSINESS WIRE)--
Shoe Carnival, Inc. (SCVL), a leading retailer of value-pricedfootwear and accessories, today announced updated sales and earningsguidance for the 13-week fourth quarter ending February 1, 2014
comparedto the prior year 14-week fourth quarter ended February 2, 2013. TheCompany does not plan to provide preliminary financial information inthe future other than in unique circumstances, or in
the event of amaterial event that requires disclosure.
The Company expects fourth quarter net sales to be in the range of $203to $205 million with a comparable store sales decrease of up to onepercent. Earnings per diluted share in the fourth quarter of
fiscal 2013are expected to be in the range of $0.03 to $0.06. In the fourth quarterof fiscal 2012, net sales were $205.7 million, comparable store salesincreased 0.5 percent and the Company earned
$0.13 per diluted share.
Speaking on the expected results for the quarter, Cliff Sifford,President and CEO, said, "We experienced a very strong start to the fallselling season during October and November, producing
comparable storesales gains of 5.4 percent and 7.8 percent, respectively. These gainswere driven primarily by a mid-twenty percent increase in our bootclassification for the family. As we entered
December, we experienceddouble-digit traffic declines through the first three weeks. Traffic andsales improved Christmas week and New Year"s week resulting in acomparable store sales decline of 6.1
percent for the month of December.We expect comparable store sales for the month of January endingFebruary 1, 2014 to be flat to down 4 percent compared to the four weeksended February 2,
Mr. Sifford continued, "While we are disappointed in our expected salesand earnings for the fourth quarter, we have managed our inventories andexpect to end the quarter with per-store inventories
down low singledigits."
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation"s largest family footwearretailers, offering a broad assortment of value priced dress, casual andathletic footwear for men, women and children with emphasis
on nationaland regional name brands. As of January 9, 2014, the Company operates381 stores in 32 states and Puerto Rico, and offers online shopping at www.shoecarnival.com.Headquartered in
Evansville, IN, Shoe Carnival trades on The NASDAQStock Market LLC under the symbol SCVL. Shoe Carnival's press releasesand annual report are available on the Company's website at
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements, within themeaning of the Private Securities Litigation Reform Act of 1995, thatinvolve a number of risks and uncertainties. A number of factors
couldcause our actual results, performance, achievements or industry resultsto be materially different from any future results, performance orachievements expressed or implied by these
forward-looking statements.These factors include, but are not limited to: general economicconditions in the areas of the continental United States and Puerto Ricoin which our stores are located; the
effects and duration of economicdownturns and unemployment rates; changes in the overall retailenvironment and more specifically in the apparel and footwear retailsectors; our ability to generate
increased sales at our stores; thepotential impact of national and international security concerns on theretail environment; changes in our relationships with key suppliers; theimpact of competition
and pricing; changes in weather patterns, consumerbuying trends and our ability to identify and respond to emergingfashion trends; the impact of disruptions in our distribution orinformation
technology operations; the effectiveness of our inventorymanagement; the impact of hurricanes or other natural disasters on ourstores, as well as on consumer confidence and purchasing in
general;risks associated with the seasonality of the retail industry; ourability to successfully execute our growth strategy, including theavailability of desirable store locations at acceptable
lease terms, ourability to open new stores in a timely and profitable manner, includingour entry into major new markets, and the availability of sufficientfunds to implement our growth plans; higher
than anticipated costsassociated with the closing of underperforming stores; our ability tosuccessfully grow our e-commerce business; the inability ofmanufacturers to deliver products in a timely
manner; changes in thepolitical and economic environments in China, Brazil, Europe and EastAsia, where the primary manufacturers of footwear are located; theimpact of regulatory changes in the United
States and the countrieswhere our manufacturers are located; the continued favorable traderelations between the United States and China and the other countrieswhich are the major manufacturers of
footwear; and other factorsdescribed in the Company"s SEC filings, including the Company"s latestAnnual Report on Form 10-K.
In addition, these forward-looking statements necessarily depend uponassumptions, estimates and dates that may be incorrect or imprecise andinvolve known and unknown risks, uncertainties and other
factors.Accordingly, any forward-looking statements included in this pressrelease do not purport to be predictions of future events orcircumstances and may not be realized. Forward-looking statements
can beidentified by, among other things, the use of forward-looking terms suchas "believes," "expects," "may," "will," "should," "seeks," "pro forma,""anticipates," "intends" or the negative of any
of these terms, orcomparable terminology, or by discussions of strategy or intentions.Given these uncertainties, we caution investors not to place unduereliance on these forward-looking statements,
which speak only as of thedate hereof. We disclaim any obligation to update any of these factorsor to publicly announce any revisions to the forward-looking statementscontained in this press release
to reflect future events or developments.
Consumer DiscretionaryInvestment & Company InformationShoe CarnivalContact:Shoe Carnival, Inc.
President, Chief Executive Officer and
Chief Merchandising Officer
W. Kerry Jackson
Senior Executive Vice President
Chief Operating and Financial Officer and Treasurer