Shoe Carnival Reports Strong Q1

Strong sales across multiple categories helped Shoe Carnival Inc. more than double its first-quarter earnings.

For the quarter ended May 1, the company reported a 124 percent increase in earnings to $9.2 million, or 72 cents a diluted share, up from $4.1 million, or 33 cents, for the year-ago quarter. Sales during the quarter increased 13 percent to $189.5 million, compared with $167.3 million for the first fiscal quarter of 2009.

Same-store sales increased 13.1 percent during the quarter.

“I am pleased to report we were able to take advantage of consumer demand, resulting in a sales increase in each broad merchandise category,” President and CEO Mark Lemond said in a press release. “While toning and athletic footwear were key drivers of our sales in the quarter, our non-athletic footwear contributed approximately half of our comparable-store sales increase.”

The company expects second-quarter earnings of 23 cents to 27 cents on sales of $165 million to $168 million.

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