Profit surged at Shoe Carnival in the fourth quarter as comparable store sales at the value retailer rose.
For the period ended Jan.29, 2011, the Evansville, Ind.-based retailer earned $4.4 million, or 33 cents a share, up 70 percent from $2.6 million, or 20 cents, in the fourth quarter of last year.
Revenue advanced 5 percent to $179.9 million, from $170.8 million while comparable store sales increased 4.6 percent.
For the full fiscal 2010 year, Shoe Carnival earned $26.8 million, or $2.05 a share, up 77 percent from $15.2 million, or $1.20, for fiscal 2009. Net sales increased 8 percent to $739.2 million on the back of a comp increase of 8.2 percent for the 52-week period.
“In fiscal 2010, we were able to take advantage of increased consumer demand for footwear, particularly in sandals, boots and toning footwear,” said Mark Lemond, president and CEO, in a statement.
Acknowledging the firm is now up against difficult comparisons, Lemond added he believes the firm’s “business model of providing the right product assortment for the entire family, at a compelling value, is especially effective in this current economic environment.”
Shoe Carnival expects EPS in the first quarter of 2011 to be in the range of 72 to 75 cents. This increase assumes net sales in the range of $198 to $201 million and a comparable store sales increase of 3 to 5 percent.
The firm ended the period with $60.2 million in cash and cash equivalents and no long-term debt.