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Boot, apparel sales boost Shoe Carnival profit

IBJ Staff
November 20, 2009
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Shoe Carnival Inc. said Thursday its fiscal third-quarter profit more than doubled on strong sales of boots and athletic apparel.

For the quarter ended Oct. 31, the Evansville-based shoe and apparel retailer reported that profit rose to $7.5 million, or 59 cents per share, from $2.6 million, or 21 cents per share, the same time frame a year ago.

Its earnings beat analysts’ expectations of 32 cents per share.

Revenue grew 12.6 percent, to $191.5 million, while same-store sales, which measure revenue from locations open at least a year, climbed 10.2 percent.

Shoe Carnival CEO and President Mark Lemond said the increase was the highest third-quarter, same-store sales gain in the company’s history.

“The sales increase, combined with a higher gross profit margin and controlled expenses, resulted in our second best quarterly earnings in the company’s history,” Lemond said in a written statement.

Lemond said he expects the early strength in boots, particularly women’s fashion boots, to continue into the holiday season.

Shoe Carnival opened four stores in the third quarter, bringing its number of new locations this year to 16. It closed three locations through the first three quarters and expects to close six more in the last three months of its fiscal year.

Overall, Shoe Carnival operates 317 stores in the Midwest, South and Southeast.
 

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