Shoe Carnival Inc, a leading retailer of value-priced footwear and accessories, announced sales and earnings for the second quarter ended July 29, 2006.
Net earnings for the 13-week second quarter increased 5.8 percent to $2.9 million as compared with net earnings of $2.7 million in the second quarter ended July 30, 2005. Diluted earnings per share increased 5 percent to $0.21 per share compared with $0.20 per share last year.
Net sales for the second quarter decreased 1.2 percent to $146.9 million from $148.7 million last year. Comparable store sales decreased 1.0 percent for the 13-week period.
The gross profit margin for the second quarter of 2006 was 27.8 percent compared to 27.9 percent for the second quarter of 2005. While the merchandise gross profit margin, as a percentage of sales, was 0.3 percent better than last year, buying, distribution and occupancy costs rose by 0.4 percent due to the decline in comparable store sales.
Mark Lemond, CEO and President said, "We continue to see the back-to-school customer shopping closer to the actual back-to-school date. We have observed this trend in the prior two years as well as in fiscal 2006. Our men's and women's athletic sales were below plan in the second quarter, particularly in the last week of July. However our children's product, including children's athletics, and our men's and women's dress and casual product continue to sell very well."
Net income for the first halfof 2006 was $10.3 million, or $0.75 per diluted share, compared with net income of $8.6 million, or $0.64 per diluted share, last year. Net sales increased 1.9 percent to $315.4 million for the first six months from sales of $309.4 million last year. Comparable store sales increased 1.8 percent for the six-month period.
marketing@alchempro.com
