EVANSVILLE, Ind.--(BUSINESS WIRE)--Jan. 9, 2017--
Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of moderately
priced footwear and accessories, today announced updated sales and
earnings guidance for its fiscal 2016 ending January 28, 2017.
The Company expects fiscal 2016 net sales to be in the range of $1.000
billion to $1.003 billion and expects comparable store sales to increase
slightly for the full fiscal year. Earnings per diluted share in fiscal
2016 are expected to be in the range of $1.36 to $1.38. In fiscal 2015,
net sales were $984.0 million, comparable store sales increased 3.0
percent and the Company earned $1.45 per diluted share. This fiscal 2016
financial guidance does not include any potential fourth quarter
non-cash asset impairment charges, which are typically evaluated at
quarter-end.
Shoe Carnival President and CEO Cliff Sifford commented, “We expect net
sales to be at the low end of our previous fiscal 2016 guidance, as an
improvement in December sales was not enough to offset the softness we
experienced in November. Combined comparable store sales for November
and December decreased 1.1 percent. We promoted heavily in December,
resulting in a projected gross margin decline of approximately 210 basis
points for the fourth quarter. We have aggressively managed our
inventories and expect our per-store inventories to be down mid-single
digits at the end of the fiscal year.”
The Company will report its full fourth quarter and fiscal 2016 results
on March 16, 2017.
The Company does not plan to provide preliminary financial results in
the future other than in unique circumstances, or in the event of a
material event that requires disclosure. As previously announced,
members of the Shoe Carnival management team will present at the 2017
ICR Conference on Wednesday, January 11, 2017 at 11:00 a.m. Eastern Time
in Orlando, FL. The audio portion of the presentation will be webcast
live, and a replay will be available on the Investors section of Shoe
Carnival’s web site at www.shoecarnival.com.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family footwear
retailers, offering a broad assortment of moderately priced dress,
casual and athletic footwear for men, women and children with emphasis
on national and regional name brands. As of January 9, 2017, the Company
operates 418 stores in 35 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 in which our
stores are located and the impact of the ongoing economic crisis in
Puerto Rico on sales at, and cash flows of, our stores located in Puerto
Rico; 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; our ability to successfully manage and execute our marketing
initiatives and maintain positive brand perception and recognition;
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; the impact of unauthorized
disclosure or misuse of personal and confidential information about our
customers, vendors and employees; our ability to manage our third-party
vendor relationships; 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 or impairment charges associated with the closing
of underperforming stores; our ability to successfully grow our
e-commerce sales; 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;
the resolution of litigation or regulatory proceedings in which we are
or may become involved; our ability to meet our labor needs while
controlling costs; and future stock repurchases under our stock
repurchase program and future dividend payments, 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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170109006306/en/
Source: Shoe Carnival, Inc.
Shoe Carnival, Inc.
Cliff Sifford
President
and Chief Executive Officer
or
W. Kerry Jackson
Senior
Executive Vice President,
Chief Operating and Financial
Officer and Treasurer
(812) 867-6471
www.shoecarnival.com