EVANSVILLE, Ind.--(BUSINESS WIRE)--Jan. 9, 2014--
Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of value-priced
footwear and accessories, today announced updated sales and earnings
guidance for the 13-week fourth quarter ending February 1, 2014 compared
to the prior year 14-week fourth quarter ended February 2, 2013. The
Company does not plan to provide preliminary financial information in
the future other than in unique circumstances, or in the event of a
material event that requires disclosure.
The Company expects fourth quarter net sales to be in the range of $203
to $205 million with a comparable store sales decrease of up to one
percent. Earnings per diluted share in the fourth quarter of fiscal 2013
are expected to be in the range of $0.03 to $0.06. In the fourth quarter
of fiscal 2012, net sales were $205.7 million, comparable store sales
increased 0.5 percent and the Company earned $0.13 per diluted share.
Speaking on the expected results for the quarter, Cliff Sifford,
President and CEO, said, “We experienced a very strong start to the fall
selling season during October and November, producing comparable store
sales gains of 5.4 percent and 7.8 percent, respectively. These gains
were driven primarily by a mid-twenty percent increase in our boot
classification for the family. As we entered December, we experienced
double-digit traffic declines through the first three weeks. Traffic and
sales improved Christmas week and New Year’s week resulting in a
comparable store sales decline of 6.1 percent for the month of December.
We expect comparable store sales for the month of January ending
February 1, 2014 to be flat to down 4 percent compared to the four weeks
ended February 2, 2013.”
Mr. Sifford continued, “While we are disappointed in our expected sales
and earnings for the fourth quarter, we have managed our inventories and
expect to end the quarter with per-store inventories down low single
digits.”
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family footwear
retailers, offering a broad assortment of value priced dress, casual and
athletic footwear for men, women and children with emphasis on national
and regional name brands. As of January 9, 2014, the Company operates
381 stores in 32 states and Puerto Rico, and offers online shopping at www.shoecarnival.com.
Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ
Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases
and annual report are available on the Company's website at www.shoecarnival.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, that
involve a number of risks and uncertainties. A number of factors could
cause our actual results, performance, achievements or industry results
to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements.
These factors include, but are not limited to: general economic
conditions in the areas of the continental United States and Puerto Rico
in which our stores are located; the effects and duration of economic
downturns and unemployment rates; changes in the overall retail
environment and more specifically in the apparel and footwear retail
sectors; our ability to generate increased sales at our stores; the
potential impact of national and international security concerns on the
retail environment; changes in our relationships with key suppliers; the
impact of competition and pricing; changes in weather patterns, consumer
buying trends and our ability to identify and respond to emerging
fashion trends; the impact of disruptions in our distribution or
information technology operations; the effectiveness of our inventory
management; the impact of hurricanes or other natural disasters on our
stores, as well as on consumer confidence and purchasing in general;
risks associated with the seasonality of the retail industry; our
ability to successfully execute our growth strategy, including the
availability of desirable store locations at acceptable lease terms, our
ability to open new stores in a timely and profitable manner, including
our entry into major new markets, and the availability of sufficient
funds to implement our growth plans; higher than anticipated costs
associated with the closing of underperforming stores; our ability to
successfully grow our e-commerce business; the inability of
manufacturers to deliver products in a timely manner; changes in the
political and economic environments in China, Brazil, Europe and East
Asia, where the primary manufacturers of footwear are located; the
impact of regulatory changes in the United States and the countries
where our manufacturers are located; the continued favorable trade
relations between the United States and China and the other countries
which are the major manufacturers of footwear; and other factors
described in the Company’s SEC filings, including the Company’s latest
Annual Report on Form 10-K.
In addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may be incorrect or imprecise and
involve known and unknown risks, uncertainties and other factors.
Accordingly, any forward-looking statements included in this press
release do not purport to be predictions of future events or
circumstances and may not be realized. Forward-looking statements can be
identified by, among other things, the use of forward-looking terms such
as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “pro forma,”
“anticipates,” “intends” or the negative of any of these terms, or
comparable terminology, or by discussions of strategy or intentions.
Given these uncertainties, we caution investors not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. We disclaim any obligation to update any of these factors
or to publicly announce any revisions to the forward-looking statements
contained in this press release to reflect future events or developments.
Source: Shoe Carnival, Inc.
Shoe Carnival, Inc.
Cliff Sifford
President,
Chief Executive Officer and
Chief Merchandising Officer
or
W.
Kerry Jackson
Senior Executive Vice President
Chief
Operating and Financial Officer and Treasurer
(812) 867-6471
www.shoecarnival.com