Shoe Carnival continues focus on store growth
Severe weather may have taken a bite out of Shoe Carnival’s same-store sales, but the retailer still plans on opening 23 to 28 new stores in fiscal 2014, including 16 in the second quarter and seven to 12 in the fourth quarter.
The company reported a 3% year-over-year drop in net income to $9.2 million, from $9.5 million in the prior-year quarter. Net sales increased 1.5% to $235.8 million, from $232.3 million in the prior-year quarter. Same-store sales declined 1.7%
“Despite the difficult quarter, we were pleased with the initial response to our first-ever national television advertising campaign. While achieving brand recognition in new markets takes time, we did see an immediate increase in online traffic and sales in large markets such as New York City, and Los Angeles, where we do not currently have a store presence. Longer term, as we enter new markets we expect to benefit from enhanced brand awareness,” said president and CEO Cliff Sifford.
Looking ahead, the company expects second quarter net sales to be in the range of $223 million to $228 million with comparable store sales in the range of flat to a decline of 3%.