Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of
moderately priced footwear and accessories, today updated its sales
and earnings guidance for the fiscal year ending February 2, 2019.
The Company also introduced an outlook for fiscal year 2019.
The Company now expects fiscal 2018 net sales to be
approximately $1.028 billion and expects comparable store sales to
increase approximately 4 percent. Earnings per diluted share for
fiscal 2018 are expected to be in the range of $2.41 to $2.43. In
fiscal 2017, net sales were $1.019 billion, comparable store sales
increased 0.3 percent and the Company earned $1.15 per diluted
share. Adjusted earnings per diluted share for fiscal 2017 were
$1.49.
Cliff Sifford, Shoe Carnival’s President and Chief Executive
Officer, commented, “Our solid finish to the fiscal year has been
driven by broad-based sales increases, with particular strength in
our boot, casual and athletic categories. We are pleased with our
team’s efforts to enhance margins and effectively manage inventory,
which resulted in higher than expected annual profitability. For
fiscal 2019, we are excited about the investments we are making in
customer engagement and technology as we position Shoe Carnival for
the next level of growth.”
For the fiscal year ending February 1, 2020, Shoe Carnival
expects net sales in the range of $1.035 billion to $1.043 billion
with a low single-digit comparable store sales increase. Earnings
per diluted share are expected to be in the range of $2.60 to $2.70
for fiscal 2019.
The Company will report its full fourth quarter and fiscal 2018
results on March 28, 2019.
Shoe Carnival does not plan to provide preliminary financial
results in the future other than in unique circumstances, or in the
event of a material event that requires disclosure. As previously
announced, members of the Shoe Carnival management team will
present at the ICR Conference on Monday, January 14, 2019 at 2:00
p.m. Eastern Time. The presentation will be webcast live, and a
replay will be available on the Investors section of Shoe
Carnival’s web site at www.shoecarnival.com.
Non-GAAP Adjusted Results
The non-GAAP adjusted results for the full year of fiscal 2017
discussed herein exclude the impact of a gain on insurance proceeds
recorded in cost of sales related to hurricane affected stores,
non-cash impairment charges for underperforming stores and
additional stock-based compensation expense recorded in selling,
general and administrative expenses and additional income tax
expense associated with the enactment of the U.S. Tax Cuts and Jobs
Act of 2017 (the “Tax Act”).
These adjusted results are provided to enhance the user's
overall understanding of the Company's historical operations and
financial performance. Specifically, the Company believes the
adjusted results provide investors with relevant period-to-period
comparisons of the Company’s core operations. The unaudited
adjusted results are provided in addition to, and not as
alternatives for, the Company’s reported results determined in
accordance with generally accepted accounting principles. A
complete reconciliation of actual results to the adjusted results
appears below in the table entitled “Reconciliation of GAAP to
Non-GAAP Financial Measures.”
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family
footwear retailers, offering a broad assortment of moderately
priced dress, casual and athletic footwear for men, women and
children with emphasis on national name brands. As of January 14,
2019, the Company operates 396 stores in 35 states and Puerto Rico,
and offers online shopping at www.shoecarnival.com. Headquartered
in Evansville, IN, Shoe Carnival trades on The NASDAQ Stock Market
LLC under the symbol SCVL. Shoe Carnival's press releases and
annual report are available on the Company's website at
www.shoecarnival.com.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that involve a number of risks and uncertainties. A number of
factors could cause our actual results, performance, achievements
or industry results to be materially different from any future
results, performance or achievements expressed or implied by these
forward-looking statements. These factors include, but are not
limited to: general economic conditions in the areas of the
continental United States in which our stores are located and the
impact of the ongoing economic crisis in Puerto Rico on sales at,
and cash flows of, our stores located in Puerto Rico; the effects
and duration of economic downturns and unemployment rates; changes
in the overall retail environment and more specifically in the
apparel and footwear retail sectors; our ability to generate
increased sales at our stores; our ability to successfully navigate
the increasing use of online retailers for fashion purchases and
the impact on traffic and transactions in our physical stores; our
ability to attract customers to our e-commerce website and to
successfully grow our e-commerce sales; the potential impact of
national and international security concerns on the retail
environment; changes in our relationships with key suppliers;
changes in the political and economic environments in, the status
of trade relations with, and the impact of changes in trade
policies and tariffs impacting, China and other countries which are
the major manufacturers of footwear; the impact of competition and
pricing; our ability to successfully manage and execute our
marketing initiatives and maintain positive brand perception and
recognition; changes in weather patterns, consumer buying trends
and our ability to identify and respond to emerging fashion trends;
the impact of disruptions in our distribution or information
technology operations; the effectiveness of our inventory
management; the impact of natural disasters on our stores, as well
as on consumer confidence and purchasing in general; risks
associated with the seasonality of the retail industry; the impact
of unauthorized disclosure or misuse of personal and confidential
information about our customers, vendors and employees, including
as a result of a cyber-security breach; our ability to manage our
third-party vendor relationships; our ability to successfully
execute our business strategy, including the availability of
desirable store locations at acceptable lease terms, our ability to
open new stores in a timely and profitable manner, including our
entry into major new markets, and the availability of sufficient
funds to implement our business plans; higher than anticipated
costs associated with the closing of underperforming stores; the
inability of manufacturers to deliver products in a timely manner;
the impact of regulatory changes in the United States and the
countries where our manufacturers are located; the resolution of
litigation or regulatory proceedings in which we are or may become
involved; our ability to meet our labor needs while controlling
costs; the impact of the U.S. Tax Cuts and Jobs Act of 2017; and
future stock repurchases under our stock repurchase program and
future dividend payments; and other factors described in the
Company’s SEC filings, including the Company’s latest Annual Report
on Form 10-K.
In addition, these forward-looking statements necessarily depend
upon assumptions, estimates and dates that may be incorrect or
imprecise and involve known and unknown risks, uncertainties and
other factors. Accordingly, any forward-looking statements included
in this press release do not purport to be predictions of future
events or circumstances and may not be realized. Forward-looking
statements can be identified by, among other things, the use of
forward-looking terms such as “believes,” “expects,” “may,” “will,”
“should,” “seeks,” “pro forma,” “anticipates,” “intends” or the
negative of any of these terms, or comparable terminology, or by
discussions of strategy or intentions. Given these uncertainties,
we caution investors not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
We disclaim any obligation to update any of these factors or to
publicly announce any revisions to the forward-looking statements
contained in this press release to reflect future events or
developments.
SHOE CARNIVAL, INC.
RECONCILIATION OF GAAP TO NON-GAAP
FINANCIAL MEASURES
(In thousands, except per share data)
(Unaudited)
Fifty-threeWeeks EndedFebruary 3,2018
Reported net income per diluted share $ 1.15 Gain on
insurance proceeds (0.21 ) Non-cash impairment charges 0.21
Additional stock-based compensation expense associated with the Tax
Act 0.12 Tax effect of gain on insurance proceeds, non-cash
impairment charges and stock-based compensation expense (0.05 )
Additional income tax expense on re-measurement of deferred tax
assets and liabilities 0.27 Adjusted diluted earnings
per share $ 1.49
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version on businesswire.com: https://www.businesswire.com/news/home/20190114005245/en/
Cliff SiffordPresident and Chief Executive Officer, orW. Kerry
JacksonSenior Executive Vice President, Chief Operating and
Financial Officer and Treasurer
www.shoecarnival.com(812) 867-6471
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