Shoe Carnival announces sales & earnings results for Q1
25 May '07
4 min read
Shoe Carnival Inc announced sales and earnings for the first quarter ended May 5, 2007. Net earnings for the 13-week first quarter were $7.3 million, or $0.53 per diluted share, compared to net earnings of $7.4 million, or $0.54 per diluted share, for the 13-week prior year first quarter ended April 29, 2006.
Net sales for the first quarter ended May 5, 2007 decreased 1.7 percent to $165.7 million compared with $168.5 million in the first quarter ended April 29, 2006. Comparable store sales for the thirteen-week period ended May 5, 2007 decreased 3.7 percent compared to the same thirteen-week period last year ended May 6, 2006.
The gross profit margin for the first quarter of 2007 decreased to 30.0 percent compared to 30.5 percent for the first quarter of 2006. As a percentage of sales, the merchandise margin increased 1.0 percent and buying, distribution and occupancy costs increased 1.5 percent.
The increase in buying, distribution and occupancy costs was due primarily to an increase in distribution costs and the deleveraging effect of lower same store sales. Of the increase in distribution costs, approximately $936,000, or $0.04 per diluted share, was related to converting to a new distribution center.
Selling, general and administrative expenses for the first quarter decreased $309,000 to $39.3 million from $39.6 million in the first quarter of 2006. However, as a percentage of sales, selling, general and administrative expenses for the first quarter increased to 23.7 percent from 23.5 percent in the first quarter of 2006 primarily due to higher store pre-opening costs.
Pre-opening costs for the seven stores opened in the first quarter were $289,000, or 0.2 percent of sales. No stores were opened and no pre-opening costs were incurred in the first quarter of last year.
marketing@alchempro.com
