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Earnings Review and Free Research Report: Shoe Carnival’s Sales Gained 1.4%; EPS Jumped 9%

LONDON, UK / ACCESSWIRE / September 21, 2017 / Pro-Trader Daily has just published a free post-earnings coverage on Shoe Carnival, Inc. (NASDAQ: SCVL), which can be viewed by registering at http://protraderdaily.com/optin/?symbol=SCVL, following the Company's reporting of its second quarter fiscal 2017 financial results on August 30, 2017. The footwear retailer exceeded top- and bottom-line expectations and also provided guidance for the fiscal year. Our daily stock reports are accessible for free, and with those to look forward today you also will be signing up for a complimentary member's account at:


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Earnings Reviewed

For the three months ended July 29, 2017, Shoe Carnival reported net sales of $235.1 million, up 1.4% compared to net sales of $231.9 million for Q2 2016. The net sales figures were ahead of analysts' estimates of $231.3 million. The Company's comparable store sales increased 0.4% in the reported quarter. Shoe Carnival generated $5.7 million in sales from the 28 new stores opened since the beginning of Q2 2016, partially offset by a decrease in sales of $3.3 million from the 14 stores closed over the same period.

During Q2 2017, Shoe Carnival's gross profit margin remained flat at 29.0% on a y-o-y basis. The Company's merchandise margin, along with buying, distribution, and occupancy expenses as a percentage of net sales, remained flat on a y-o-y basis.

For Q2 2017, Shoe Carnival's selling, general, and administrative expenses (SG&A) increased $1.2 million to $61.8 million. As a percentage of net sales, these expenses increased to 26.3% in the reported quarter compared to 26.1% in the year-ago corresponding period.

Shoe Carnival's net income was $3.9 million, or $0.24 per diluted share, for Q2 2017 compared to net income of $4.1 million, or $0.22 per diluted share, for Q2 2016. The Company's earnings numbers beat Wall Street's expectations of $0.20 per share.

Cash Matters

During Q2 2017, Shoe Carnival repurchased 469,000 shares of common stock at a total cost of $10.2 million, while $13.5 million remained available under its $50 million share repurchase authorization. The Company is expecting limited borrowings, if any, against the line of credit and is projecting approximately $50 million in cash and no borrowings for the remainder of the fiscal year.

For Q2 2017, Shoe Carnival's depreciation expense was $6.1 million. The Company is estimating depreciation expense to be approximately $24 million for the full fiscal year. Shoe Carnival's capital expenditure for the fiscal year 2017, including actual expenditure during Q2 2017, is forecasted to be $22 million to $23 million, with approximately $14 million to be used for new stores, relocations, and remodels. Lease incentives are anticipated to be $4 million to $5 million for the year.

Store Update

Shoe Carnival ended Q2 2017 with 418 stores in 35 states and in Puerto Rico. During the reported quarter, the Company opened 5 stores and closed 4 stores. Of the 5 stores Shoe Carnival opened in the reported quarter, the Company noted that one is in a large traditional market it currently serves; 2 are in mid-market locations, and 2 are in small markets. For the remainder of the fiscal year 2017, approximately 7 more new stores are expected to open, 2 of which will be small-market stores; 3 will be mid-market stores; and 2 will be traditional large-market stores. The Company stated that it will close approximately 16 to 18 underperforming stores in H2 2017.


For FY17, Shoe Carnival is forecasting net sales to be in the range of $1.006 billion to $1.019 billion, with comparable store sales flat to down low single digits. The Company's earnings per diluted share is expected to be in the band of $1.35 to $1.45 for the fiscal year.

Stock Performance

On Wednesday, September 20, 2017, the stock closed the trading session at $20.29, climbing 6.06% from its previous closing price of $19.13. A total volume of 467.72 thousand shares have exchanged hands, which was higher than the 3-month average volume of 217.28 thousand shares. Shoe Carnival's stock price soared 31.58% in the last one month and 9.50% in the past three months. The stock is trading at a PE ratio of 16.59 and has a dividend yield of 1.48%. The stock currently has a market cap of $339.86 million.

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SOURCE: Pro-Trader Daily