Shoe Carnival Tops Street In Q4

shoe carnival store
A Shoe Carnival storefront.
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Shoe Carnival Inc.’s management said the company’s omnichannel strategy and popular rewards program were among the factors that helped it pull off a winning quarter.

The Evansville, Ind.-based footwear chain said in an after-market earnings release Thursday that its fourth-quarter net income rose 40 percent year-over-year to $4.2 million, or 21 cents per diluted share, from $3 million, or 15 cents per diluted share in the comparable quarter. Wall Street had bet on diluted earnings per share of 14 cents.

Net sales increased 2.7 percent, to $233.7 million, compared to net sales of $227.6 million in the same year-ago quarter. Comparable store sales increased 1.8 percent.

We had a strong finish to fiscal 2015. The initiatives we have implemented over the past three years, including our multi-channel sales strategy, has led to the enrollment of nearly 9 million Shoe Perks members and helped drive our record annual sales and diluted earnings per share,” said Shoe Carnival President and CEO Cliff Sifford. “We are particularly pleased with the strength of our athletic footwear and trend-right boot selection, which helped us comp positive for the sixth consecutive quarter, even as we cycled a high single-digit comparable store sales result in the fourth quarter of last year.”

Net sales for the full year increased $43.8 million to $984 million compared to fiscal 2014. Comparable store sales advanced 3 percent. Net earnings climbed 13 percent to $28.8 million, or $1.45 per diluted share, compared to net earnings of $25.5 million, or $1.27 per diluted share, in the last fiscal year.

In FY16, Shoe Carnival said it expects net sales to be in the range of $1.007 billion to $1.027 billion, with a comparable store sales increase in the range of 1 to 3 percent. Diluted EPS are expected to be in the range of $1.58 to $1.65. This represents an increase of 9 to 14 percent over FY15 diluted EPS.

Looking ahead, we believe our inventory position and assortment of fresh spring product in the key categories have us well-positioned for the spring selling season,” Sifford said.