Shoe Carnival Announces Preliminary Fourth Quarter Results
February 05 2021 - 8:00AM
Business Wire
Strong finish to the year drives record fourth quarter net sales
and EPS
Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading
retailer of moderately priced footwear and accessories, today
reported preliminary results for the fourth quarter ended January
30, 2021.
Preliminary Results for the Fourth Quarter of Fiscal Year
2020
For the fourth quarter ended January 30, 2021, the Company
expects to report:
- Net sales increased to approximately $253.9 million, compared
to $239.9 million in the fourth quarter of fiscal 2019.
- Comparable store sales increased approximately 6.4 percent, on
top of a 3.2 percent comparable store sale increase in the fourth
quarter of fiscal 2019.
- Net income per diluted share is expected to be in the range of
$0.50 and $0.52, compared to $0.24 in the fourth quarter of fiscal
2019.
- Cash and cash equivalents on hand at the end of the quarter
were $106 million with no borrowings under the Company’s credit
facility.
“Our record fourth quarter results capped off an unprecedented
year, further demonstrating the resiliency of our team and Shoe
Carnival’s unique and differentiated concept. We realized a
comparable store sales increase in excess of six percent, drove an
impressive bottom line through incredible margin growth, and
continued our explosive e-commerce growth,” commented Cliff
Sifford, Shoe Carnival’s Vice Chairman and Chief Executive
Officer.
Mr. Sifford continued, “We take great pride in the strong
foundation of trust we have built with our loyal customers who
continue to rely on us for the latest trends from the best brands
both online and in-store. However, this would not be possible
without our committed Shoe Carnival employees and incredible vendor
partnerships. We are looking forward to further success as we move
into fiscal year 2021.”
The foregoing expected results are preliminary and remain
subject to the completion of normal quarter end and year end
accounting procedures and closing adjustments. Due to the ongoing
uncertainty created by COVID-19, the Company is not providing
fiscal year 2021 guidance at this time. The Company intends to
release its fourth quarter and full year fiscal 2020 earnings
results on Wednesday, March 24, 2021, after the market close.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family
footwear retailers, offering customers a broad assortment of
moderately priced dress, casual and athletic footwear for men,
women and children with emphasis on national name brands. As of
February 5, 2021, the Company operates 383 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: the duration and spread of the COVID-19 outbreak,
mitigating efforts deployed by government agencies and the public
at large, and the overall impact from such outbreak on the
operations of our stores, economic conditions, financial market
volatility, consumer spending and our supply chain and distribution
processes; 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; the
success of the open-air shopping centers where our stores are
located and its impact on our ability to attract customers to our
stores; our ability to attract customers to our e-commerce
platforms and to successfully grow our multi-channel sales; the
potential impact of national and international security concerns on
the retail environment; changes in our relationships with key
suppliers; our ability to control costs and meet our labor needs in
a rising wage environment; 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; our ability to successfully manage our
current real estate portfolio and leasing obligations; changes in
weather, including patterns impacted by climate change; changes in
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, other public health crises, political crises, civil
unrest, and other catastrophic events on our stores and our
suppliers, 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; continued volatility and
disruption in the capital and credit markets; 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 and
Quarterly Reports on Form 10-Q.
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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210205005061/en/
Cliff Sifford Vice Chairman and Chief Executive Officer, or W.
Kerry Jackson Senior Executive Vice President, Chief Financial and
Administrative Officer and Treasurer
7500 East Columbia Street Evansville, IN 47715
www.shoecarnival.com (812) 867-4034
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