US: Shoe Carnival "well positioned" as Q3 profit rises
- Q3 profit increased 16.9% to $12.2m
- Sales up 13.4% to $244.4m
- Company believes it is "well positioned" for holiday season
Shoe Carnival said it is "well positioned" to capitalise on holiday sales after the value-priced footwear retailer posted a 16.9% rise in third-quarter net profit on the back of improved margins and increased sales.
Net income reached US$12.2m for the 13 weeks to 27 October, compared to $10.5m the prior year.
Net sales were up 13.4% to $244.4m, while comparable store sales climbed 6.2%. Gross profit margin increased to 31.3% compared to 30.2% the same period last year. Merchandise margin edged up 0.6%, while buying, distribution and occupancy costs dropped 0.5% as a percentage of sales.
President and CEO Cliff Sifford said: "Our team did a great job in positioning us for a highly successful back-to-school season. We achieved comparable store sales at the high end of our guidance and record earnings.
"Our strong financial performance was the result of a marketing effort that resonated with our core consumer. We showcased the fashion trends currently driving footwear demand and reached additional customers through the opening of stores in new and existing markets."
The company expects full-year earnings diluted per share to range from $1.47 to $1.51, while net sales are forecast to be between $864m and $869m.
"As we enter the fourth quarter, we believe Shoe Carnival is well positioned to capitalise on holiday sales, starting with Black Friday," Sifford added.
US footwear retailer Shoe Carnival saw fourth quarter net earnings edge down, despite sales increasing over the quarter. ...
Value-priced footwear retailer Shoe Carnival has lowered its fourth-quarter earnings guidance for the second time this year, after colder weather negatively impacted athletic sales....
- TPP trade pact in milestone signing by 12 nations
- Cheap polyester contributes to cotton import shift
- Combating the new normal – 10 trends for 2016
- Under Armour defends questions over strategy
- US apparel retailers' January 2016 sales roundup
- Bangladesh factory fire renews worker safety fears
- China factory activity continues to deteriorate
- Southeast Asia – a strategic sourcing review
- H&M and Primark price rivalry reaches equilibrium
- PVH to take control of Tommy Hilfiger China unit
- Southeast Asia strategic sourcing review – a focus on Cambodia, Vietnam and Myanmar
- Wearable technology: The future market potential for smart garments and e-textiles
- Global market review of denim and jeanswear – forecasts to 2021
- Wearable Technology Market by Product, Application, Type, & Geography - Global Forecast to 2020
- E-Textiles: Electronic Textiles 2014-2024