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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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  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

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