The result was a 4.1 percent increase in our comparable store sales for the quarter. This increase comes on top of the 5.5 percent comparable stores sales increase we achieved in the first quarter of 2005. The increase in our gross margins, along with our leveraging of expenses, led to a full percentage point increase in our operating margin from 6.0 percent to 7.0 percent."
2006 EPS Outlook Earnings per diluted share in the second quarter of fiscal 2006 are expected to range from $0.23 to $0.25. This assumes a comparable store sales increase of 2 or 3 percent.
For the full year of 2006, we continue to expect diluted earnings per share to range from $1.65 to $1.75.
Store Growth Currently, the Company expects to open between 13 to 15 stores in fiscal 2006 and close five stores. No stores were opened or closed in the first quarter. In the second quarter, the company expects to open three stores and close two stores.
Conference Call Today, at 2:00 p.m. Eastern time, the Company will host a conference call to discuss the first quarter results. The public can listen to the live webcast of the call by visiting Shoe Carnival's Investor Relations page at www.shoecarnival.com.
Shoe Carnival is a chain of 261 footwear stores located in the Midwest, South and Southeast. Combining value pricing with an entertaining store format, Shoe Carnival is a leading retailer of name brand and private label footwear for the entire family. Headquartered in Evansville, IN, Shoe Carnival trades on the Nasdaq Stock Market under the symbol SCVL.
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