Shoe Carnival Inc, a leading retailer of value-priced footwear and accessories, today announced record sales and earnings for the first quarter ended April 29, 2006. Net earnings for the 13-week first quarter increased 25 percent to $7.4 million as compared with net earnings of $5.9 million in the first quarter ended April 30, 2005.
Diluted earnings per share increased 20 percent to $0.54 per share compared with $0.45 per share last year. Included in this year's diluted earnings per share are expenses related to stock-based compensation of $0.03 per share.
Net sales for the first quarter increased 4.8 percent to a first quarter record of $168.5 million from $160.7 million last year. Comparable store sales increased 4.1 percent for the 13-week period.
The gross profit margin for the first quarter of 2006 increased to 30.5 percent from 29.6 percent in the first quarter of 2005. Selling, general and administrative expenses for the first quarter, as a percentage of sales, decreased to 23.5 percent from 23.6 percent in last year's first quarter.
For the first quarter, stock-based compensation of $663,000, or 0.4 percent of sales, was included in selling, general and administrative expenses. There was no stock-based compensation expense for the first quarter of last year.
Speaking on the results for the quarter, Mark Lemond, chief executive officer and president said, "We continued our success through the first fiscal quarter of 2006 with a 25 percent increase in net income. Our customers responded well to our improved product assortment, especially in our dress and casual categories."
marketing@alchempro.com
