• Net income up 11% to $11m
  • Sales up 12.2% to $22.6m
  • Comparable store sales increased 7.3%

Footwear retailer Shoe Carnival reported an 11% increase in first quarter net income on the back of rising sales.

The company yesterday (17 May) said profit rose to US$11m as sales climbed 12.2% to $22.6m during the quarter ended 28 April. Comparable store sales increased 7.3%.

Gross profit margin fell to 30.8% from 31.3% as the company ramped up its store opening programme with the addition of 13 stores.

"During the first quarter of 2012, we exceeded our earnings expectations and reported the highest quarterly earnings in the company's history," said president and CEO Mark Lemond.

"Customers responded favourably to our athletic and spring footwear assortment, which helped generate sales at the high end of our guidance for the first quarter. Additionally, our gross profit margin and expenses were better than we originally anticipated."