Gross profit margin down at Indiana-based footwear retailer
23 Aug '07
3 min read
Shoe Carnival Inc a leading retailer of value-priced footwear and accessories announced sales and earnings for the second quarter ended August 4, 2007. Net sales increased 5.4 percent to $154.8 million for the thirteen-week period ended August 4, 2007 compared to sales of $146.9 million for the thirteen-week period ended July 29, 2006.
Comparable store sales for the thirteen-week period ended August 4, 2007 decreased 7.1 percent compared to the thirteen-week period last year ended August 5, 2006.
The gross profit margin for the second quarter of 2007 decreased to 26.0 percent compared to 27.8 percent for the second quarter of 2006. As a percentage of sales, the merchandise margin decreased 1.5 percent and buying, distribution and occupancy costs increased 0.3 percent.
Selling, general and administrative expenses for the second quarter, as a percentage of sales, increased to 25.9 percent from 24.8 percent in last year's second quarter.
Net earnings for the 13-week second quarter ended August 4, 2007 were $167,000 as compared with net earnings of $2.9 million in the second quarter ended July 29, 2006. Diluted earnings per share were $0.01 per share as compared with $0.21 per share last year.
During the second quarter of fiscal 2007, the Company repurchased 662,000 shares of its outstanding common stock at a cost of $18.9 million. These repurchases are part of a $50.0 million stock buy-back program, which will terminate upon the earlier of the repurchase of the maximum amount or December 31, 2008.
marketing@alchempro.com
