US: Shoe Carnival Q4 profit "better than expected"
- Q4 profit US$2.6m, versus $3m loss
- Sales up 8.8% to $170.8m
- Momentum “has continued” into 2010 – CEO
Footwear retailer Shoe Carnival said its sales momentum had continued into fiscal 2010 after the company returned to profitability in the fourth quarter of 2009.
Sales in the three months to 30 January were up 8.8% to US$170.8m, matched by an 8.8% increase in comparable store sales, the US company said.
That left net earnings at $2.6m, compared to a net loss of $3m in the fourth quarter of fiscal 2009.
For the full year, Shoe Carnival’s sales were up 5.4% to $682.4m, with comparable store sales rising 3.5%.
The company’s net profit was $15.2m, strongly up on the previous year’s profit of $5.3m.
Shoe Carnival CEO and president Mark Lemond hailed the results as “better than expected”, adding: “Our 8.8% comparable store sales increase was significantly above our expectations, with each broad product category of footwear and most of our operations regions delivering a comparable store sales increase for the fourth quarter as compared to last year.”
Lemond said the sales momentum had continued into the first quarter of fiscal 2010, leaving Shoe Carnival “very optimistic” about the spring selling season.
The company expects first quarter earnings per share of $0.54-0.58 on net sales of $181-183m and a comparable store sales increase of 8-9%.
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Shoe Carnival has benefited from strong sales growth and a boost to its profit margins to post a huge rise in second quarter earnings....
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