• Net earnings of US$982,000
  • Same-store sales declined 6.4%
  • Margin increased 0.2%

 

Footwear retailer Shoe Carnival has posted second quarter net earnings growth after margins improved and expenses dropped.

Net earnings for the thirteen-week period were US$982,000, compared to net earnings of $977,000 in last year's Q2.

Sales for quarter were $152.8m, compared to $158.5m in the prior year period. Same-store sales declined 6.4%.

The gross profit margin for the second quarter increased 0.2% to 26.8% compared to the prior year. Selling, general and administrative expenses for the second quarter decreased $1.7m to $39.0m.

Mark Lemond, chief executive officer and president said: "We are pleased to report that we met or exceeded the majority of our internal goals for the second quarter of 2009. While consumer spending and the overall economic environment remained challenging in the second quarter, we were able to improve our year-over-year gross and operating margins and, therefore, record earnings per share equal to last year."

Net income for the first half of 2009 was $5.1m, compared with net income of $5.8m in the first half of last year. Net sales for the first six months were flat at $320.1m.

Click here to view the company's full second quarter earnings release.