Profits Increase at Shoe Carnival

After inching its profit up 1 percent in the second quarter, Shoe Carnival Inc. is already eyeing growth in the coming months, thanks to strong back-to-school sales in August.
“For the first three weeks of August, our comparable-store sales have increased approximately 11 percent, as consumers are responding well to both our athletic and non-athletic product assortments,” said Mark Lemond, CEO and president of the Evansville, Ind.-based retailer. “Due to these improved trends early in the third quarter, we expect to record positive comparable-store sales for the quarter.”
Shoe Carnival reported a net income of $982,000, or 8 cents a diluted share, for the three months ended Aug. 1, up slightly from $977,000, or 8 cents, in the year-ago period. Sales dropped 4 percent to $152.8 million from $158.5 million in the second quarter of 2008, while same-store sales decreased 6.4 percent.
For the first half of the year, the company reported a profit of $5.1 million, or 41 cents a diluted share, versus $5.8 million, or 46 cents, in last year’s first six months. First-half sales of $320.1 million were nearly on par with last year’s first-half sales of $320.6 million.

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