Comparable store sales up 1.5% in fiscal 2006 at Shoe Carnival
19 Mar '07
3 min read
Shoe Carnival Inc announced record sales and earnings for the fourth quarter and fiscal year ended February 3, 2007. The fourth quarter of fiscal 2006 includes 14 weeks compared to 13 weeks in the fourth quarter of fiscal 2005 and the full fiscal year of 2006 includes 53 weeks compared with 52 weeks in the full fiscal year of 2005.
Fourth Quarter Results: Net earnings for the 14-week fourth quarter increased 70.0 percent to $5.1 million compared with net earnings of $3.0 million in the 13-week fourth quarter ended January 28, 2006. Diluted earnings per share increased 68.2 percent to $0.37 per share compared with $0.22 per share last year.
Net sales for the fourth quarter increased 8.3 percent to $177.2 million compared with $163.6 million in the fourth quarter ended January 28, 2006. Sales of approximately $11.5 million were recorded in the extra week of the fourth quarter of fiscal 2006. Comparable store sales for the 13-week period ended January 27, 2007 decreased 0.9 percent.
The gross profit margin for the fourth quarter of 2006 decreased to 28.1 percent compared to 28.6 percent for the fourth quarter of 2005. As a percentage of sales, the merchandise margin increased 0.3 percent and buying, distribution and occupancy costs increased 0.8 percent.
The increase in buying, distribution and occupancy costs, as a percentage of sales, was due primarily to the incremental costs associated with the opening of a new distribution center during the fourth quarter of 2006.
marketing@alchempro.com
