Shoe Carnival Posts Q1 Earnings

Evansville Ind.-based family footwear retailer Shoe Carnival Inc. posted earnings today for the quarter ended May 2, 2015, that missed Wall Street’s estimates for revenues but showed gains in profits, earnings per diluted share and net sales.

Net Income: The company posted net income of $10.4 million in Q1, up from the year-ago quarter’s  $9.2 million.

EPS: Earnings were diluted share were 52 cents, an increase from the year-ago quarter’s EPS of 45 cents per diluted share.

Net Revenue: Net revenues also rose year-over-year, to $252.8 million, a 7 percent jump, from net sales of $235.8 million for the first quarter of fiscal 2014.

Hit, Miss or Beat: The company’s performance missed Wall Street’s estimates for revenue but hit EPS forecasts. Analysts polled by Yahoo Finance had predicted revenues of $254.6 million and EPS of 52 cents.

Executive Insights: “We are pleased with our comparable-store sales growth and our ability to deliver strong first-quarter earnings. While the quarter started off very challenging due to adverse weather, with over 400 days of store closures, the consumer responded favorably to our family footwear assortment, which resulted in a comparable-store sales increase across all footwear departments and in each of our geographic regions. In addition, our initiative launched in fiscal 2014 to bring fulfillment of our e-commerce orders in-house has continued to pay dividends as our customers continued to take advantage of the increase in both selection and depth of sizes available to them online.” — Shoe Carnival CEO Cliff Sifford in a release.

Looking Ahead: The company expects fiscal 2015 net sales to be in the range of $977 million to $991 million, with a comparable-store sales increase in the range of 1.5 percent to 3.0 percent. Earnings per diluted share for the fiscal year are expected to be in the range of $1.42 to $1.48 — a slight lift from guidance provided in the Q4 earnings release. This represents a rise of 12 percent to 17 percent over fiscal 2014 earnings per diluted share of $1.27.

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