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Shoe Carnival profit beats estimates

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Strong sales of athletic and toning footwear helped Shoe Carnival Inc.’s fiscal first-quarter profit edge past analyst estimates, the Evansville-based shoe and apparel retailer said Wednesday.

For the three months ended May 1,  Shoe Carnival earned $9.2 million, or 72 cents a share, compared with $4.1 million, or 33 cents a share, in the same period last year.

Analysts were expecting earnings of 71 cents a share for the first fiscal quarter.

Revenue increased 13.3 percent, to $189.5 million. Comparable store sales increased 13.1 percent.

“While toning and athletic footwear were key drivers of our sales in the quarter, our non-athletic footwear contributed approximately half of our comparable store sales increase,” company President and CEO Mark Lemond said.

Shoe Carnival said it expects to earn 23 cents a share to 27 cents a share, on revenue of $165 million to $168 million, in the fiscal second quarter. Same-store sales should increase 8 percent to 10 percent, the company said.

Shoe Carnival anticipates opening 10 stores in its fiscal year and closing seven. Overall, it operates 311 stores in the Midwest, South and Southeast.

Shares of the company closed at $25.08 each Tuesday.
 

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  • Part of the problem
    Shoe Carnival is part of the problem with credit card theft. They REFUSE to check someone�s ID along with the credit card name. I went to SC with my kids and bought $200 worth of shoes and accessories. And I asked the cashier why they didn�t check my ID. He told me they were not allowed to. I guess it would hurt people�s feelings- thieves or no.
    Being a victim of ID theft in the past, I refuse to shop at places that would let a thief walk out with merchandise on a stolen credit card.

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