Comparable store sales up 1.5% in fiscal 2006 at Shoe Carnival
19 Mar '07
3 min read
Selling, general and administrative expenses for the fourth quarter, as a percentage of sales, decreased to 23.6 percent from 25.6 percent in the fourth quarter of 2005. This decrease resulted from lower incentive compensation, employee health care expense and store closing costs in addition to the leveraging effect of the sales generated in the extra week of the fourth quarter of 2006.
Operating income for the fourth quarter increased by 62.5 percent to $7.9 million from $4.9 million during the fourth quarter of 2005. Operating margin increased to 4.5 percent from 3.0 percent in the same period last year.
Fiscal 2006 Results: Net earnings for fiscal 2006 increased 26.5 percent to $23.8 million, or $1.73 per diluted share, compared with net income of $18.8 million, or $1.40 per diluted share, last year.
Net sales increased 4.0 percent to $681.7 million for the fiscal year compared with sales of $655.6 million last year. Comparable store sales for the 52-week period ended January 27, 2007 increased 1.5 percent.
Commenting on the results, Mark Lemond, chief executive officer and president said, "We achieved another record year in fiscal 2006, improving upon virtually every financial metric reported in fiscal 2005. Comparable store sales increased 1.5 percent in fiscal 2006 on top of the record breaking 6.9 percent increase in fiscal 2005. Higher gross profit margins and reduced administrative expenses resulted in increases of 27percent in net earnings and 24 percent in earnings per diluted share."
marketing@alchempro.com
