Shoe Carnival profit beats estimates

June 2, 2010

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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