EVANSVILLE, Ind.--(BUSINESS WIRE)--Mar. 27, 2018--
Shoe Carnival, Inc. (Nasdaq: SCVL) a leading retailer of moderately
priced footwear and accessories, today reported results for the fourth
quarter and fiscal year ended February 3, 2018. The fourth quarter of
fiscal 2017 included 14 weeks compared to 13 weeks in the fourth quarter
of fiscal 2016 and fiscal year 2017 included 53 weeks compared to 52
weeks in fiscal year 2016.
Fourth Quarter Highlights
-
Net sales increased $9.0 million, or 3.9 percent, to $243.2 million
-
Comparable store sales decreased 0.5 percent
-
Gross profit margin was 28.9 percent, which included a $3.3 million
gain on insurance proceeds related to hurricane affected stores
-
Net loss was $3.9 million, or $0.24 per diluted share, which included
non-cash impairment charges of $3.4 million for 30 underperforming
stores, $6.3 million of additional expense associated with the
enactment of the U.S. Tax Cuts and Jobs Act of 2017 (the “Tax Act”) in
December 2017 and the $3.3 million gain on insurance proceeds
referenced above
-
Non-GAAP adjusted net income, excluding the items referenced in the
preceding bullet point, was $1.7 million, or adjusted earnings per
diluted share of $0.11, in the fourth quarter of fiscal 2017, compared
to non-GAAP adjusted net income of $1.3 million, or adjusted earnings
per diluted share of $0.07, in the fourth quarter of fiscal 2016
-
Inventory was down $19.1 million, or 5.2 percent on a per-store basis
-
Company closed 16 underperforming stores in the quarter
-
Cash and cash equivalents of $48.3 million with no outstanding bank
debt as of February 3, 2018
“2017 was a transitional year for Shoe Carnival, as we refined our
strategic direction to create an even more fun, exciting, and memorable
experience for our customers, with the goal of engaging them across our
omni-channel offering to position us for growth over the next several
years,” said Cliff Sifford, Shoe Carnival’s President and CEO. “Our team
executed well throughout the year in the face of external challenges,
particularly as our business continues to recover from the hurricanes in
certain markets like Puerto Rico. In addition, we strategically pulled
back on our promotional cadence during the year, including the decision
to close our doors on Thanksgiving Day. We are also pleased to have
continued to enhance value for shareholders through our share repurchase
and quarterly dividend programs. For 2018, our team remains focused on
efficiently managing our business to generate increased net sales and
profitability.”
Fourth Quarter Financial Results
The Company reported net sales of $243.2 million for the 14-week fourth
quarter of fiscal 2017, a 3.9 percent increase, compared to net sales of
$234.2 million for the 13-week fourth quarter of fiscal 2016. Sales of
approximately $13.0 million were recorded in the extra week of the
fiscal 2017 fourth quarter. Comparable store sales for the 13-week
period ended January 27, 2018 decreased 0.5 percent compared to the
13-week period ended January 28, 2017.
Gross profit margin for the fourth quarter of fiscal 2017 increased to
28.9 percent compared to 27.5 percent in the fourth quarter of fiscal
2016. Merchandise margin increased 1.4 percent and buying, distribution
and occupancy expenses remained flat as a percentage of net sales
compared to the fourth quarter of fiscal 2016. Gross profit margin in
the fourth quarter of fiscal 2017 included a $3.3 million gain on
insurance proceeds related to hurricane affected stores. Excluding the
gain on insurance proceeds, our adjusted gross profit margin percentage
would have been flat for the fourth quarter of fiscal 2017 compared to
the fourth quarter of fiscal 2016.
Selling, general and administrative expenses (“SG&A”) for the fourth
quarter of fiscal 2017 increased $4.1 million to $70.0 million, or 28.8
percent of net sales. SG&A in the fourth quarter of fiscal 2017 included
non-cash impairment charges of $3.4 million for 30 underperforming
stores and a $1.9 million increase in stock-based compensation expense
due to the enactment of the Tax Act and its impact on the anticipated
vesting of the Company’s outstanding performance-based restricted stock.
SG&A in the fourth quarter of fiscal 2016 included non-cash impairment
charges of $3.6 million for seven Puerto Rico stores. Excluding non-cash
impairment charges and the additional stock-based compensation expense
recorded in the fourth quarter of fiscal 2017, and excluding non-cash
impairment charges recorded in the fourth quarter of fiscal 2016,
adjusted SG&A increased $2.4 million to $64.7 million, or 26.6 percent
of net sales, in the fourth quarter of fiscal 2017.
In December 2017, the Tax Act was enacted, which reduced the Company’s
corporate statutory tax rate from 35% to 21%. This rate change primarily
impacted SG&A and income tax expense during the fourth quarter of fiscal
2017. The Company re-measured its deferred tax assets and liabilities
using the new, lower tax rate, which resulted in a $4.4 million
additional charge to income tax expense in the fourth quarter of fiscal
2017. The Company’s income tax expense for the fourth quarter of fiscal
2017 was $4.0 million and was $18.5 million for the full fiscal year
2017. Excluding the additional charge to income tax expense, and
excluding the tax effects of the gain on insurance proceeds, non-cash
impairment charges and additional stock-based compensation expense
described above, the Company’s adjusted income tax expense for the
fourth quarter of fiscal 2017 was $433,000 and was $14.9 million for the
full fiscal year 2017.
Net loss for the fourth quarter of fiscal 2017 was $3.9 million, or a
loss of $0.24 per diluted share, which included the non-cash impairment
charges, additional stock-based compensation expense and income tax
expense associated with the enactment of the Tax Act and the gain on
insurance proceeds described above, which impacted earnings by $0.35 per
diluted share in the aggregate. Adjusted net income was $1.7 million, or
adjusted earnings per diluted share of $0.11, in the fourth quarter of
fiscal 2017. For the fourth quarter of fiscal 2016, net loss was $0.9
million, or a loss of $0.05 per diluted share, which included non-cash
impairment charges of $0.12 per diluted share (net of tax). Adjusted net
income was $1.3 million, or adjusted earnings per diluted share of
$0.07, in the fourth quarter of fiscal 2016.
A reconciliation of GAAP to non-GAAP financial measures is included in
the financial tables of this press release.
Fiscal Year 2017 Financial Results
Net sales during the 53-week fiscal 2017 increased $18.1 million to
$1.019 billion compared to $1.001 billion in the 52-week fiscal 2016.
Comparable store sales for the 52-week period ended January 27, 2018
increased 0.3 percent compared to the 52-week period ended January 28,
2017. Net income for fiscal 2017 was $18.9 million, or $1.15 per diluted
share, compared to net income of $23.5 million, or $1.28 per diluted
share, in fiscal 2016. Adjusted net income was $24.5 million, or
adjusted earnings per diluted share of $1.49, for fiscal 2017, compared
to $25.7 million, or adjusted earnings per diluted share of $1.40, for
fiscal 2016.
Store Growth
The Company opened 19 stores and closed 26 stores during fiscal 2017
compared to opening 19 stores and closing nine stores during fiscal 2016.
Store openings and closings by quarter for the fiscal year are as
follows:
|
|
New Stores
|
|
Store Closings
|
1st quarter 2017
|
|
7
|
|
5
|
2nd quarter 2017
|
|
5
|
|
4
|
3rd quarter 2017
|
|
7
|
|
1
|
4th quarter 2017
|
|
0
|
|
16
|
Fiscal year 2017
|
|
19
|
|
26
|
|
|
|
|
|
Share Repurchase Program
For the fiscal year ended February 3, 2018, the Company repurchased
approximately 1.3 million shares of its common stock, at an average
price of $23.66 per share, for a total cost of $29.8 million. On
December 14, 2017, the Company’s Board of Directors authorized a new
share repurchase program for up to $50.0 million of its outstanding
common stock, effective January 1, 2018. The new share repurchase
program replaced the existing $50.0 million share repurchase program
which expired in accordance with its terms on December 31, 2017. As of
February 3, 2018, the Company had $50.0 million available for future
stock repurchases under the new stock repurchase program.
Fiscal 2018 Earnings Outlook
The Company expects fiscal 2018 net sales to be in the range of $1.013
billion to $1.023 billion, with comparable store sales flat to up low
single digits. Earnings per diluted share for the fiscal year are
expected to be in the range of $1.85 to $2.00. Fiscal 2017 earnings per
diluted share were $1.15 and adjusted earnings per diluted share were
$1.49.
Conference Call
Today, at 4:30 p.m. Eastern Time, the Company will host a conference
call to discuss the fourth quarter and fiscal 2017 results. Participants
can listen to the live webcast of the call by visiting Shoe Carnival's
Investors webpage at www.shoecarnival.com.
While the question-and-answer session will be available to all
listeners, questions from the audience will be limited to institutional
analysts and investors. A replay of the webcast will be available on the
Company’s website beginning approximately two hours after the conclusion
of the conference call and will be archived for one year.
First Quarter Fiscal 2018 Cash Dividend
The Company announced today that its Board of Directors has approved the
payment of a quarterly cash dividend. The quarterly cash dividend of
$0.075 per share will be paid on April 23, 2018, to shareholders of
record as of the close of business on April 9, 2018.
Future declarations of dividends are subject to approval of the Board of
Directors and will depend on the Company's results of operations,
financial condition, business conditions and other factors deemed
relevant by the Board of Directors.
Record Date and Date of Annual Shareholder Meeting
The Company also announced that April 13, 2018, has been set as the
shareholder of record date and the Annual Meeting of Shareholders will
be held on June 14, 2018.
Non-GAAP Adjusted Results
The non-GAAP adjusted results for the fourth quarter and full year of
fiscal 2017 discussed herein exclude the impact of a gain on insurance
proceeds recorded in cost of sales related to hurricane affected stores,
non-cash impairment charges for underperforming stores and additional
stock-based compensation expense recorded in SG&A and additional income
tax expense associated with the enactment of the Tax Act. These adjusted
results are provided to enhance the user's overall understanding of the
Company's historical operations and financial performance. Specifically,
the Company believes the adjusted results provide investors with
relevant period-to-period comparisons of the Company’s core operations.
The unaudited adjusted results are provided in addition to, and not as
alternatives for, the Company’s reported results determined in
accordance with generally accepted accounting principles. A complete
reconciliation of actual results to the adjusted results appears below
in the table entitled “Reconciliation of GAAP to Non-GAAP Financial
Measures.”
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 March 27, 2018, the Company
operates 408 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 and
hurricane recovery 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; our
ability to successfully navigate the increasing use of on-line retailers
for fashion purchases and the impact on traffic and transactions in our
physical stores; our ability to attract customers to our e-commerce
website and to successfully grow our e-commerce sales; 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
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, including as a result of a cyber-security breach; our ability
to manage our third-party vendor relationships; our ability to
successfully execute our business 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 business plans; higher than anticipated costs associated
with the closing of underperforming stores; the inability of
manufacturers to deliver products in a timely manner; changes in the
political and economic environments in, the status of trade relations
with, and the impact of changes in trade policies and tariffs impacting,
China and other countries which are the major manufacturers of footwear;
the impact of regulatory changes in the United States and the countries
where our manufacturers are located; 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; the impact of
the U.S. Tax Cuts and Jobs Act of 2017; 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.
|
SHOE CARNIVAL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourteen
|
|
|
Thirteen
|
|
|
Fifty-three
|
|
|
Fifty-two
|
|
|
|
Weeks Ended
|
|
|
Weeks Ended
|
|
|
Weeks Ended
|
|
|
Weeks Ended
|
|
|
|
February 3, 2018
|
|
|
January 28, 2017
|
|
|
February 3, 2018
|
|
|
January 28, 2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
243,232
|
|
|
|
$
|
234,201
|
|
|
|
$
|
1,019,154
|
|
|
|
$
|
1,001,102
|
|
Cost of sales (including buying, distribution and occupancy costs)
|
|
|
|
173,013
|
|
|
|
|
169,762
|
|
|
|
|
722,885
|
|
|
|
|
711,867
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
|
70,219
|
|
|
|
|
64,439
|
|
|
|
|
296,269
|
|
|
|
|
289,235
|
|
Selling, general and administrative
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expenses
|
|
|
|
70,049
|
|
|
|
|
65,924
|
|
|
|
|
258,568
|
|
|
|
|
251,323
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
|
170
|
|
|
|
|
(1,485
|
)
|
|
|
|
37,701
|
|
|
|
|
37,912
|
|
Interest income
|
|
|
|
(1
|
)
|
|
|
|
0
|
|
|
|
|
(4
|
)
|
|
|
|
(6
|
)
|
Interest expense
|
|
|
|
44
|
|
|
|
|
42
|
|
|
|
|
292
|
|
|
|
|
169
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes
|
|
|
|
127
|
|
|
|
|
(1,527
|
)
|
|
|
|
37,413
|
|
|
|
|
37,749
|
|
Income tax expense (benefit)
|
|
|
|
4,018
|
|
|
|
|
(607
|
)
|
|
|
|
18,480
|
|
|
|
|
14,232
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income
|
|
|
$
|
(3,891
|
)
|
|
|
$
|
(920
|
)
|
|
|
$
|
18,933
|
|
|
|
$
|
23,517
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) income per share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
(0.24
|
)
|
|
|
$
|
(0.05
|
)
|
|
|
$
|
1.15
|
|
|
|
$
|
1.28
|
|
Diluted
|
|
|
$
|
(0.24
|
)
|
|
|
$
|
(0.05
|
)
|
|
|
$
|
1.15
|
|
|
|
$
|
1.28
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
16,011
|
|
|
|
|
17,408
|
|
|
|
|
16,220
|
|
|
|
|
18,017
|
|
Diluted
|
|
|
|
16,011
|
|
|
|
|
17,408
|
|
|
|
|
16,227
|
|
|
|
|
18,022
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
|
$
|
0.075
|
|
|
|
$
|
0.070
|
|
|
|
$
|
0.295
|
|
|
|
$
|
0.275
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial Note:
Per share amounts are computed independently for each quarter of the
fiscal year. The sum of the quarters may not equal the total year due to
the impact of changes in weighted shares outstanding and differing
applications of earnings under the two-class method.
|
SHOE CARNIVAL, INC.
|
CONDENSED CONSOLIDATED BALANCE SHEETS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
February 3, 2018
|
|
January 28, 2017
|
|
|
|
|
|
ASSETS
|
|
|
|
|
Current Assets:
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
48,254
|
|
$
|
62,944
|
Accounts receivable
|
|
|
6,270
|
|
|
4,424
|
Merchandise inventories
|
|
|
260,500
|
|
|
279,646
|
Other
|
|
|
5,562
|
|
|
4,737
|
Total Current Assets
|
|
|
320,586
|
|
|
351,751
|
Property and equipment - net
|
|
|
86,276
|
|
|
96,216
|
Deferred income taxes
|
|
|
8,182
|
|
|
9,600
|
Other noncurrent assets
|
|
|
536
|
|
|
911
|
Total Assets
|
|
$
|
415,580
|
|
$
|
458,478
|
|
|
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
Accounts payable
|
|
$
|
41,739
|
|
$
|
67,808
|
Accrued and other liabilities
|
|
|
15,045
|
|
|
18,488
|
Total Current Liabilities
|
|
|
56,784
|
|
|
86,296
|
Deferred lease incentives
|
|
|
29,024
|
|
|
30,751
|
Accrued rent
|
|
|
10,132
|
|
|
11,255
|
Deferred compensation
|
|
|
11,372
|
|
|
10,465
|
Other
|
|
|
966
|
|
|
829
|
Total Liabilities
|
|
|
108,278
|
|
|
139,596
|
Total Shareholders' Equity
|
|
|
307,302
|
|
|
318,882
|
Total Liabilities and Shareholders' Equity
|
|
$
|
415,580
|
|
$
|
458,478
|
|
|
|
|
|
|
|
|
SHOE CARNIVAL, INC.
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
(In thousands)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
Fifty-three Weeks Ended February 3, 2018
|
|
|
Fifty-two Weeks Ended January 28, 2017
|
|
|
|
|
|
|
Cash Flows From Operating Activities
|
|
|
|
|
|
Net income
|
|
$
|
18,933
|
|
|
|
$
|
23,517
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
23,804
|
|
|
|
|
23,699
|
|
Stock-based compensation
|
|
|
5,017
|
|
|
|
|
3,822
|
|
Loss on retirement and impairment of assets
|
|
|
5,511
|
|
|
|
|
4,794
|
|
Deferred income taxes
|
|
|
1,418
|
|
|
|
|
(1,381
|
)
|
Lease incentives
|
|
|
4,818
|
|
|
|
|
3,825
|
|
Other
|
|
|
(6,993
|
)
|
|
|
|
(4,619
|
)
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
(951
|
)
|
|
|
|
(2,293
|
)
|
Merchandise inventories
|
|
|
19,146
|
|
|
|
|
13,232
|
|
Accounts payable and accrued liabilities
|
|
|
(30,132
|
)
|
|
|
|
(982
|
)
|
Other
|
|
|
(223
|
)
|
|
|
|
175
|
|
Net cash provided by operating activities
|
|
|
40,348
|
|
|
|
|
63,789
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(19,653
|
)
|
|
|
|
(21,832
|
)
|
Net cash used in investing activities
|
|
|
(19,653
|
)
|
|
|
|
(21,832
|
)
|
|
|
|
|
|
|
Cash Flows From Financing Activities
|
|
|
|
|
|
Borrowings under line of credit
|
|
|
88,600
|
|
|
|
|
0
|
|
Payments on line of credit
|
|
|
(88,600
|
)
|
|
|
|
0
|
|
Proceeds from issuance of stock
|
|
|
259
|
|
|
|
|
223
|
|
Dividends paid
|
|
|
(4,819
|
)
|
|
|
|
(5,028
|
)
|
Excess tax benefits from stock-based compensation
|
|
|
0
|
|
|
|
|
3
|
|
Purchase of common stock for treasury
|
|
|
(29,798
|
)
|
|
|
|
(42,604
|
)
|
Shares surrendered by employees to pay taxes on restricted stock
|
|
|
(1,027
|
)
|
|
|
|
(421
|
)
|
Net cash used in financing activities
|
|
|
(35,385
|
)
|
|
|
|
(47,827
|
)
|
Net (decrease) increase in cash and cash equivalents
|
|
|
(14,690
|
)
|
|
|
|
(5,870
|
)
|
Cash and cash equivalents at beginning of period
|
|
|
62,944
|
|
|
|
|
68,814
|
|
Cash and Cash Equivalents at End of Period
|
|
$
|
48,254
|
|
|
|
$
|
62,944
|
|
|
|
|
|
|
|
|
|
|
|
|
SHOE CARNIVAL, INC.
|
RECONCILIATION OF GAAP TO NON-GAAP FINANCIAL MEASURES
|
(In thousands, except per share data)
|
(Unaudited)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourteen Weeks Ended February 3, 2018
|
|
% of Net Sales
|
|
Thirteen Weeks Ended January 28, 2017
|
|
% of Net Sales
|
|
Fifty-three Weeks Ended February 3, 2018
|
|
% of Net Sales
|
|
Fifty-two Weeks Ended January 28, 2017
|
|
% of Net Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported Gross Profit
|
|
$
|
70,219
|
|
|
28.9
|
%
|
|
$
|
64,439
|
|
|
27.5
|
%
|
|
$
|
296,269
|
|
|
29.1
|
%
|
|
$
|
289,235
|
|
|
28.9
|
%
|
Gain on insurance proceeds
|
|
|
(3,299
|
)
|
|
(1.4
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
|
|
(3,299
|
)
|
|
(0.3
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
Adjusted Gross Profit, pre-tax
|
|
|
66,920
|
|
|
27.5
|
%
|
|
|
64,439
|
|
|
27.5
|
%
|
|
|
292,970
|
|
|
28.8
|
%
|
|
|
289,235
|
|
|
28.9
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported selling, general and administrative expenses
|
|
|
70,049
|
|
|
28.8
|
%
|
|
|
65,924
|
|
|
28.1
|
%
|
|
|
258,568
|
|
|
25.4
|
%
|
|
|
251,323
|
|
|
25.1
|
%
|
Non-cash impairment charges
|
|
|
(3,392
|
)
|
|
(1.4
|
%)
|
|
|
(3,573
|
)
|
|
(1.5
|
%)
|
|
|
(3,392
|
)
|
|
(0.3
|
%)
|
|
|
(3,573
|
)
|
|
(0.3
|
%)
|
Additional stock-based compensation expense associated with the Tax
Act
|
|
|
(1,934
|
)
|
|
(0.8
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
|
|
(1,934
|
)
|
|
(0.2
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
Adjusted selling, general and administrative expenses, pre-tax
|
|
|
64,723
|
|
|
26.6
|
%
|
|
|
62,351
|
|
|
26.6
|
%
|
|
|
253,242
|
|
|
24.9
|
%
|
|
|
247,750
|
|
|
24.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income (loss)
|
|
|
170
|
|
|
0.1
|
%
|
|
|
(1,485
|
)
|
|
(0.6
|
%)
|
|
|
37,701
|
|
|
3.7
|
%
|
|
|
37,912
|
|
|
3.8
|
%
|
Gain on insurance proceeds
|
|
|
(3,299
|
)
|
|
(1.4
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
|
|
(3,299
|
)
|
|
(0.3
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
Non-cash impairment charges
|
|
|
3,392
|
|
|
1.4
|
%
|
|
|
3,573
|
|
|
1.5
|
%
|
|
|
3,392
|
|
|
0.3
|
%
|
|
|
3,573
|
|
|
0.3
|
%
|
Additional stock-based compensation expense associated with the Tax
Act
|
|
|
1,934
|
|
|
0.8
|
%
|
|
|
0
|
|
|
0.0
|
%
|
|
|
1,934
|
|
|
0.2
|
%
|
|
|
0
|
|
|
0.0
|
%
|
Adjusted operating income, pre-tax
|
|
|
2,197
|
|
|
0.9
|
%
|
|
|
2,088
|
|
|
0.9
|
%
|
|
|
39,728
|
|
|
3.9
|
%
|
|
|
41,485
|
|
|
4.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fourteen Weeks Ended February 3, 2018
|
|
% of Net Sales
|
|
Thirteen Weeks Ended January 28, 2017
|
|
% of Net Sales
|
|
Fifty-three Weeks Ended February 3, 2018
|
|
% of Net Sales
|
|
Fifty-two Weeks Ended January 28, 2017
|
|
% of Net Sales
|
Reported income tax expense (benefit)
|
|
$
|
4,018
|
|
|
1.7
|
%
|
|
$
|
(607
|
)
|
|
(0.2
|
%)
|
|
$
|
18,480
|
|
|
1.8
|
%
|
|
$
|
14,232
|
|
|
1.4
|
%
|
Tax effect of gain on insurance proceeds, non-cash impairment
charges and stock- based compensation expense
|
|
|
765
|
|
|
0.3
|
%
|
|
|
1,346
|
|
|
0.5
|
%
|
|
|
765
|
|
|
0.1
|
%
|
|
|
1,346
|
|
|
0.1
|
%
|
Additional income tax expense on re-measurement of deferred tax
assets and liabilities
|
|
|
(4,350
|
)
|
|
(1.8
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
|
|
(4,350
|
)
|
|
(0.4
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
Adjusted income tax expense
|
|
|
433
|
|
|
0.2
|
%
|
|
|
739
|
|
|
0.3
|
%
|
|
|
14,895
|
|
|
1.5
|
%
|
|
|
15,578
|
|
|
1.5
|
%
|
Reported net (loss) income
|
|
|
(3,891
|
)
|
|
(1.6
|
%)
|
|
|
(920
|
)
|
|
(0.4
|
%)
|
|
|
18,933
|
|
|
1.9
|
%
|
|
|
23,517
|
|
|
2.4
|
%
|
Gain on insurance proceeds
|
|
|
(3,299
|
)
|
|
(1.4
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
|
|
(3,299
|
)
|
|
(0.3
|
%)
|
|
|
0
|
|
|
0.0
|
%
|
Non-cash impairment charges
|
|
|
3,392
|
|
|
1.4
|
%
|
|
|
3,573
|
|
|
1.5
|
%
|
|
|
3,392
|
|
|
0.3
|
%
|
|
|
3,573
|
|
|
0.3
|
%
|
Additional stock-based compensation expense associated with the Tax
Act
|
|
|
1,934
|
|
|
0.8
|
%
|
|
|
0
|
|
|
0.0
|
%
|
|
|
1,934
|
|
|
0.2
|
%
|
|
|
0
|
|
|
0.0
|
%
|
Tax effect of gain on insurance proceeds, non-cash impairment
charges and stock- based compensation expense
|
|
|
(765
|
)
|
|
(0.3
|
%)
|
|
|
(1,346
|
)
|
|
(0.5
|
%)
|
|
|
(765
|
)
|
|
(0.1
|
%)
|
|
|
(1,346
|
)
|
|
(0.1
|
%)
|
Additional income tax expense on re-measurement of deferred tax
assets and liabilities
|
|
|
4,350
|
|
|
1.8
|
%
|
|
|
0
|
|
|
0.0
|
%
|
|
|
4,350
|
|
|
0.4
|
%
|
|
|
0
|
|
|
0.0
|
%
|
Adjusted net income
|
|
|
1,721
|
|
|
0.7
|
%
|
|
|
1,307
|
|
|
0.6
|
%
|
|
|
24,545
|
|
|
2.4
|
%
|
|
|
25,744
|
|
|
2.6
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reported net (loss) income per diluted share
|
|
|
(0.24
|
)
|
|
|
|
|
(0.05
|
)
|
|
|
|
|
1.15
|
|
|
|
|
|
1.28
|
|
|
|
Gain on insurance proceeds
|
|
|
(0.21
|
)
|
|
|
|
|
0.0
|
|
|
|
|
|
(0.21
|
)
|
|
|
|
|
0.0
|
|
|
|
Non-cash impairment charges
|
|
|
0.22
|
|
|
|
|
|
0.21
|
|
|
|
|
|
0.21
|
|
|
|
|
|
0.22
|
|
|
|
Additional stock-based compensation expense associated with the Tax
Act
|
|
|
0.12
|
|
|
|
|
|
0.0
|
|
|
|
|
|
0.12
|
|
|
|
|
|
0.0
|
|
|
|
Tax effect of gain on insurance proceeds, non-cash impairment
charges and stock- based compensation expense
|
|
|
(0.05
|
)
|
|
|
|
|
(0.09
|
)
|
|
|
|
|
(0.05
|
)
|
|
|
|
|
(0.10
|
)
|
|
|
Additional income tax expense on re-measurement of deferred tax
assets and liabilities
|
|
|
0.27
|
|
|
|
|
|
0.0
|
|
|
|
|
|
0.27
|
|
|
|
|
|
0.0
|
|
|
|
Adjusted diluted earnings per share
|
|
|
0.11
|
|
|
|
|
|
0.07
|
|
|
|
|
|
1.49
|
|
|
|
|
|
1.40
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20180327006292/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