Fiscal 2018 Record Net Sales and Earnings Exceed Company Expectations
Reports Fourth Quarter Comparable Store Sales Increase of 4.7 Percent
Reiterates Fiscal 2019 Outlook
Declares Quarterly Cash Dividend
EVANSVILLE, Ind.--(BUSINESS WIRE)--Mar. 26, 2019--
Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer
of moderately priced footwear and accessories, today reported results
for the fourth quarter and fiscal year ended February 2, 2019. The
fourth quarter of fiscal 2018 included 13 weeks compared to 14 weeks in
the fourth quarter of fiscal 2017 and fiscal year 2018 included 52 weeks
compared to 53 weeks in fiscal year 2017.
Fourth Quarter and Fiscal Year 2018 Highlights
-
Net sales of $234.7 million for the quarter and record sales of $1.030
billion for the fiscal year
-
Net income of $1.4 million for the quarter and record net income of
$38.1 million for the fiscal year
-
Record earnings per diluted share of $2.45 for the fiscal year
-
Comparable store sales increased 4.7 percent for the quarter and 4.3
percent for the fiscal year
-
Total inventory was down $3.0 million and was up 1.6 percent on a
per-store basis
-
Cash and cash equivalents of $67.0 million with no outstanding debt as
of February 2, 2019
-
Repurchased 1.5 million shares of common stock at a total cost of
$46.0 million under the Company’s share repurchase program during the
fiscal year and paid $4.8 million in quarterly cash dividends during
the fiscal year
Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer,
commented, “We are pleased to report record net sales and earnings
results above our expectations for the fiscal year. Our comparable store
sales increases were broad-based, driven by positive results for both
our athletic and non-athletic footwear. We believe our customer-centric
strategic initiatives, trend-right selection of compelling brands and
the latest fashion along with our exciting in-store environment continue
to make Shoe Carnival the store of choice for moderately priced family
footwear. Going forward, we believe we remain well positioned to deliver
long-term sustainable growth and value for our shareholders.”
Fourth Quarter Financial Results
Net sales were $234.7 million for the 13-week fourth quarter ended
February 2, 2019 compared to net sales of $243.2 million for the 14-week
fourth quarter ended February 3, 2018. The net effect of the extra week
on the sales comparison for the fourth quarter was approximately $15.2
million. Comparable store sales for the 13-week period ended February 2,
2019 increased 4.7 percent compared to the 13-week period ended February
3, 2018.
Gross profit margin for the fourth quarter of fiscal 2018 decreased to
28.4 percent compared to 28.9 percent in the fourth quarter of fiscal
2017. Merchandise margin decreased 0.9 percent and buying, distribution
and occupancy expenses decreased 0.4 percent as a percentage of net
sales compared to the fourth quarter of fiscal 2017. 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, the Company’s adjusted gross profit margin
percentage in the fourth quarter of fiscal 2017 would have been 27.5
percent.
Selling, general and administrative expenses (“SG&A”) for the fourth
quarter of fiscal 2018 decreased $4.9 million to $65.2 million. As a
percentage of net sales, these expenses decreased to 27.8 percent
compared to 28.8 percent in the fourth quarter of fiscal 2017. The
decrease in expense was primarily due to the extra week in the fourth
quarter of fiscal 2017 and certain charges recorded in the fourth
quarter of fiscal 2017 that did not recur in the fourth quarter of
fiscal 2018, including 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 U.S. Tax Cuts and Jobs
Act of 2017 (the “Tax Act”) and its impact on the anticipated vesting of
the Company’s outstanding performance-based restricted stock. Excluding
the non-cash impairment charges and the additional stock-based
compensation expense recorded, adjusted SG&A for the fourth quarter of
fiscal 2017 was $64.7 million, or 26.6 percent of net sales.
Net income for the fourth quarter of fiscal 2018 was $1.4 million, or
$0.09 per diluted share. For the fourth quarter of fiscal 2017, the
Company reported a net loss of $3.9 million, or a loss of $0.24 per
diluted share. This loss included the non-cash impairment charges, the
additional stock-based compensation expense associated with the
enactment of the Tax Act and the gain on insurance proceeds described
above, and a $4.4 million additional charge to income tax expense
recorded in the fourth quarter of fiscal 2017 as a result of the
Company’s remeasurement of its deferred tax assets and liabilities in
connection with the enactment of the Tax Act, 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.
Fiscal Year 2018 Financial Results
Net sales during the 52-week fiscal 2018 increased $10.5 million to
$1.030 billion compared to $1.019 billion in the 53-week fiscal 2017.
Comparable store sales for the 52-week period ended February 2, 2019
increased 4.3 percent compared to the 52-week period ended February 3,
2018. Net income for fiscal 2018 was $38.1 million, or $2.45 per diluted
share, compared to net income of $18.9 million, or $1.15 per diluted
share, in fiscal 2017. Adjusted net income in fiscal 2017 was $24.5
million, or $1.49 per diluted share.
Store Openings and Closings
The Company opened three stores and closed 14 stores during fiscal 2018
compared to 19 store openings and 26 store closings in fiscal 2017.
Store openings and closings by quarter for the fiscal year were as
follows:
|
|
|
New Stores
|
|
Store Closings
|
|
First quarter 2018
|
|
0
|
|
3
|
|
Second quarter 2018
|
|
0
|
|
3
|
|
Third quarter 2018
|
|
3
|
|
3
|
|
Fourth quarter 2018
|
|
0
|
|
5
|
|
Fiscal year 2018
|
|
3
|
|
14
|
Share Repurchase Program
For the fiscal year ended February 2, 2019, the Company repurchased
approximately 1.5 million shares of its common stock, at an average
price of $30.15 per share, for a total cost of $46.0 million. On
December 13, 2018, 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, 2019. The new share repurchase
program replaced the existing $50.0 million share repurchase program
which expired in accordance with its terms on December 31, 2018. No
purchases were made under the new share repurchase program as of
February 2, 2019.
Fiscal 2019 Earnings Outlook
The Company reiterated its fiscal 2019 outlook previously provided on
January 14, 2019 and continues to expect net sales to be in the range of
$1.035 billion to $1.043 billion, with a comparable store sales increase
of low single digits. Earnings per diluted share for the fiscal year are
expected to be in the range of $2.60 to $2.70. Fiscal 2018 earnings per
diluted share were $2.45.
Conference Call
Today, at 4:30 p.m. Eastern Time, the Company will host a conference
call to discuss the fourth quarter and fiscal 2018 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 2019 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
$0.08 per share will be paid on April 22, 2019, to shareholders of
record as of the close of business on April 8, 2019.
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 12, 2019, has been set as the
shareholder of record date and the Annual Meeting of Shareholders will
be held on June 13, 2019.
Non-GAAP Adjusted Results
The non-GAAP adjusted results for the 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 name brands. As of March 26, 2019, the Company operates 397
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; our ability to successfully navigate the
increasing use of online 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; 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
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; 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; 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.
Financial Tables Follow
|
SHOE CARNIVAL, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
|
|
(In thousands, except per share data)
|
|
(Unaudited)
|
|
|
|
|
|
Thirteen
|
|
Fourteen
|
|
Fifty-two
|
|
Fifty-three
|
|
|
|
Weeks Ended
|
|
Weeks Ended
|
|
Weeks Ended
|
|
Weeks Ended
|
|
|
|
February 2,
2019
|
|
February 3,
2018
|
|
February 2,
2019
|
|
February 3,
2018
|
|
Net sales
|
|
$
|
234,658
|
|
|
$
|
243,232
|
|
|
$
|
1,029,650
|
|
|
$
|
1,019,154
|
|
|
Cost of sales (including buying, distribution and occupancy costs)
|
|
|
167,992
|
|
|
|
173,013
|
|
|
|
720,658
|
|
|
|
722,885
|
|
|
Gross profit
|
|
|
66,666
|
|
|
|
70,219
|
|
|
|
308,992
|
|
|
|
296,269
|
|
|
Selling, general and administrative expenses
|
|
|
65,169
|
|
|
|
70,049
|
|
|
|
259,232
|
|
|
|
258,568
|
|
|
Operating income
|
|
|
1,497
|
|
|
|
170
|
|
|
|
49,760
|
|
|
|
37,701
|
|
|
Interest income
|
|
|
(355
|
)
|
|
|
(1
|
)
|
|
|
(747
|
)
|
|
|
(4
|
)
|
|
Interest expense
|
|
|
37
|
|
|
|
44
|
|
|
|
150
|
|
|
|
292
|
|
|
Income before income taxes
|
|
|
1,815
|
|
|
|
127
|
|
|
|
50,357
|
|
|
|
37,413
|
|
|
Income tax expense
|
|
|
456
|
|
|
|
4,018
|
|
|
|
12,222
|
|
|
|
18,480
|
|
|
Net income (loss)
|
|
$
|
1,359
|
|
|
$
|
(3,891
|
)
|
|
$
|
38,135
|
|
|
$
|
18,933
|
|
|
Net income (loss) per share:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
$
|
0.09
|
|
|
$
|
(0.24
|
)
|
|
$
|
2.51
|
|
|
$
|
1.15
|
|
|
Diluted
|
|
$
|
0.09
|
|
|
$
|
(0.24
|
)
|
|
$
|
2.45
|
|
|
$
|
1.15
|
|
|
Weighted average shares:
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
14,598
|
|
|
|
16,011
|
|
|
|
15,111
|
|
|
|
16,220
|
|
|
Diluted
|
|
|
15,421
|
|
|
|
16,011
|
|
|
|
15,499
|
|
|
|
16,227
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash dividends declared per share
|
|
$
|
0.080
|
|
|
$
|
0.075
|
|
|
$
|
0.315
|
|
|
$
|
0.295
|
|
|
|
|
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 2,
2019
|
|
February 3,
2018
|
|
ASSETS
|
|
|
|
|
|
Current Assets:
|
|
|
|
|
|
Cash and cash equivalents
|
|
$
|
67,021
|
|
$
|
48,254
|
|
Accounts receivable
|
|
|
1,219
|
|
|
6,270
|
|
Merchandise inventories
|
|
|
257,539
|
|
|
260,500
|
|
Other
|
|
|
11,534
|
|
|
5,562
|
|
Total Current Assets
|
|
|
337,313
|
|
|
320,586
|
|
Property and equipment – net
|
|
|
70,605
|
|
|
86,276
|
|
Deferred income taxes
|
|
|
9,622
|
|
|
8,182
|
|
Other noncurrent assets
|
|
|
459
|
|
|
536
|
|
Total Assets
|
|
$
|
417,999
|
|
$
|
415,580
|
|
|
|
|
|
|
|
LIABILITIES AND SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current Liabilities:
|
|
|
|
|
|
Accounts payable
|
|
$
|
48,715
|
|
$
|
41,739
|
|
Accrued and other liabilities
|
|
|
22,069
|
|
|
15,045
|
|
Total Current Liabilities
|
|
|
70,784
|
|
|
56,784
|
|
Deferred lease incentives
|
|
|
22,171
|
|
|
29,024
|
|
Accrued rent
|
|
|
8,436
|
|
|
10,132
|
|
Deferred compensation
|
|
|
12,108
|
|
|
11,372
|
|
Other
|
|
|
67
|
|
|
966
|
|
Total Liabilities
|
|
|
113,566
|
|
|
108,278
|
|
Total Shareholders’ Equity
|
|
|
304,433
|
|
|
307,302
|
|
Total Liabilities and Shareholders’ Equity
|
|
$
|
417,999
|
|
$
|
415,580
|
|
|
|
SHOE CARNIVAL, INC.
|
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
|
|
(In thousands)
|
|
(Unaudited)
|
|
|
|
|
|
Fifty-two
|
|
Fifty-three
|
|
|
|
Weeks Ended
|
|
Weeks Ended
|
|
|
|
February 2,
2019
|
|
February 3,
2018
|
|
Cash Flows From Operating Activities
|
|
|
|
|
|
Net income
|
|
$
|
38,135
|
|
|
$
|
18,933
|
|
|
Adjustments to reconcile net income to net cash provided by
operating activities:
|
|
|
|
|
|
Depreciation and amortization
|
|
|
21,843
|
|
|
|
23,804
|
|
|
Stock-based compensation
|
|
|
10,162
|
|
|
|
5,017
|
|
|
(Gain) loss on retirement and impairment of assets, net
|
|
|
(1,264
|
)
|
|
|
5,511
|
|
|
Deferred income taxes
|
|
|
(1,440
|
)
|
|
|
1,418
|
|
|
Lease incentives
|
|
|
634
|
|
|
|
4,818
|
|
|
Other
|
|
|
(8,650
|
)
|
|
|
(6,993
|
)
|
|
Changes in operating assets and liabilities:
|
|
|
|
|
|
Accounts receivable
|
|
|
3,905
|
|
|
|
(951
|
)
|
|
Merchandise inventories
|
|
|
2,961
|
|
|
|
19,146
|
|
|
Accounts payable and accrued liabilities
|
|
|
12,688
|
|
|
|
(30,132
|
)
|
|
Other
|
|
|
(4,833
|
)
|
|
|
(223
|
)
|
|
Net cash provided by operating activities
|
|
|
74,141
|
|
|
|
40,348
|
|
|
|
|
|
|
|
|
Cash Flows From Investing Activities
|
|
|
|
|
|
Purchases of property and equipment
|
|
|
(7,413
|
)
|
|
|
(19,653
|
)
|
|
Other
|
|
|
2,998
|
|
|
|
0
|
|
|
Net cash used in investing activities
|
|
|
(4,415
|
)
|
|
|
(19,653
|
)
|
|
|
|
|
|
|
|
Cash Flow From Financing Activities
|
|
|
|
|
|
Borrowings under line of credit
|
|
|
0
|
|
|
|
88,600
|
|
|
Payments on line of credit
|
|
|
0
|
|
|
|
(88,600
|
)
|
|
Proceeds from issuance of stock
|
|
|
177
|
|
|
|
259
|
|
|
Dividends paid
|
|
|
(4,763
|
)
|
|
|
(4,819
|
)
|
|
Purchase of common stock for treasury
|
|
|
(46,046
|
)
|
|
|
(29,798
|
)
|
|
Shares surrendered by employees to pay taxes on restricted stock
|
|
|
(327
|
)
|
|
|
(1,027
|
)
|
|
Net cash used in financing activities
|
|
|
(50,959
|
)
|
|
|
(35,385
|
)
|
|
Net increase (decrease) in cash and cash equivalents
|
|
|
18,767
|
|
|
|
(14,690
|
)
|
|
Cash and cash equivalents at beginning of year
|
|
|
48,254
|
|
|
|
62,944
|
|
|
Cash and Cash Equivalents at End of Year
|
|
$
|
67,021
|
|
|
$
|
48,254
|
|
|
|
|
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
|
|
Fifty-three
Weeks Ended
February 3,
2018
|
|
% of
Net
Sales
|
|
|
|
|
|
|
|
|
|
|
|
Reported Gross Profit
|
|
$
|
70,219
|
|
|
28.9%
|
|
$
|
296,269
|
|
|
29.1%
|
|
Gain on insurance proceeds
|
|
|
(3,299
|
)
|
|
(1.4%)
|
|
|
(3,299
|
)
|
|
(0.3%)
|
|
Adjusted Gross Profit, pre-tax
|
|
|
66,920
|
|
|
27.5%
|
|
|
292,970
|
|
|
28.8%
|
|
|
|
|
|
|
|
|
|
|
|
Reported selling, general and administrative expenses
|
|
|
70,049
|
|
|
28.8%
|
|
|
258,568
|
|
|
25.4%
|
|
Non-cash impairment charges
|
|
|
(3,392
|
)
|
|
(1.4%)
|
|
|
(3,392
|
)
|
|
(0.3%)
|
|
Additional stock-based compensation expense associated with the
Tax Act
|
|
|
(1,934
|
)
|
|
(0.8%)
|
|
|
(1,934
|
)
|
|
(0.2%)
|
|
Adjusted selling, general and administrative expenses, pre-tax
|
|
|
64,723
|
|
|
26.6%
|
|
|
253,242
|
|
|
24.9%
|
|
|
|
|
|
|
|
|
|
|
|
Reported operating income
|
|
|
170
|
|
|
0.1%
|
|
|
37,701
|
|
|
3.7%
|
|
Gain on insurance proceeds
|
|
|
(3,299
|
)
|
|
(1.4%)
|
|
|
(3,299
|
)
|
|
(0.3%)
|
|
Non-cash impairment charges
|
|
|
3,392
|
|
|
1.4%
|
|
|
3,392
|
|
|
0.3%
|
|
Additional stock-based compensation expense associated with the
Tax Act
|
|
|
1,934
|
|
|
0.8%
|
|
|
1,934
|
|
|
0.2%
|
|
Adjusted operating income, pre-tax
|
|
|
2,197
|
|
|
0.9%
|
|
|
39,728
|
|
|
3.9%
|
|
|
|
|
|
|
|
|
|
|
|
Reported income tax expense
|
|
|
4,018
|
|
|
1.7%
|
|
|
18,480
|
|
|
1.8%
|
|
Tax effect of gain on insurance proceeds, non-cash impairment
charges and stock-based compensation expense
|
|
|
765
|
|
|
0.3%
|
|
|
765
|
|
|
0.1%
|
|
Additional income tax expense on re-measurement of deferred tax
assets and liabilities
|
|
|
(4,350
|
)
|
|
(1.8%)
|
|
|
(4,350
|
)
|
|
(0.4%)
|
|
Adjusted income tax expense
|
|
|
433
|
|
|
0.2%
|
|
|
14,895
|
|
|
1.5%
|
|
|
|
|
|
|
|
|
|
|
|
Reported net (loss) income
|
|
|
(3,891
|
)
|
|
(1.6%)
|
|
|
18,933
|
|
|
1.9%
|
|
Gain on insurance proceeds
|
|
|
(3,299
|
)
|
|
(1.4%)
|
|
|
(3,299
|
)
|
|
(0.3%)
|
|
Non-cash impairment charges
|
|
|
3,392
|
|
|
1.4%
|
|
|
3,392
|
|
|
0.3%
|
|
Additional stock-based compensation expense associated with the
Tax Act
|
|
|
1,934
|
|
|
0.8%
|
|
|
1,934
|
|
|
0.2%
|
|
Tax effect of gain on insurance proceeds, non-cash impairment
charges and stock-based compensation expense
|
|
|
(765
|
)
|
|
(0.3%)
|
|
|
(765
|
)
|
|
(0.1%)
|
|
Additional income tax expense on re-measurement of deferred tax
assets and liabilities
|
|
|
4,350
|
|
|
1.8%
|
|
|
4,350
|
|
|
0.4%
|
|
Adjusted net income
|
|
|
1,721
|
|
|
0.7%
|
|
|
24,545
|
|
|
2.4%
|
|
|
|
|
|
|
|
|
|
|
|
Reported net (loss) income per diluted share
|
|
|
(0.24
|
)
|
|
|
|
|
1.15
|
|
|
|
|
Gain on insurance proceeds
|
|
|
(0.21
|
)
|
|
|
|
|
(0.21
|
)
|
|
|
|
Non-cash impairment charges
|
|
|
0.22
|
|
|
|
|
|
0.21
|
|
|
|
|
Additional stock-based compensation expense associated with the
Tax Act
|
|
|
0.12
|
|
|
|
|
|
0.12
|
|
|
|
|
Tax effect of gain on insurance proceeds, non-cash impairment
charges and stock-based compensation expense
|
|
|
(0.05
|
)
|
|
|
|
|
(0.05
|
)
|
|
|
|
Additional income tax expense on re-measurement of deferred tax
assets and liabilities
|
|
|
0.27
|
|
|
|
|
|
0.27
|
|
|
|
|
Adjusted diluted earnings per share
|
|
|
0.11
|
|
|
|
|
|
1.49
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20190326005908/en/
Source: 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
7500 East Columbia Street
Evansville, IN 47715
www.shoecarnival.com
(812)
867-6471