Shoe Carnival, Inc., a leading retailer of value-priced footwear and accessories, reported results for the fourth quarter and fiscal year ended February 1, 2014.
The fourth quarter of fiscal 2013 included 13 weeks compared to 14 weeks in the fourth quarter of fiscal 2012 and fiscal year 2013 included 52 weeks compared to 53 weeks in fiscal year 2012.
Fourth Quarter Financial Results
The Company reported net sales of $200.3 million for the 13-week fourth quarter ended February 1, 2014, as compared to net sales of $205.7 million for the 14-week fourth quarter ended February 2, 2013.
The net effect of this extra week on the sales comparison for the fourth quarter was approximately $12.7 million. Comparable store sales for the 13-week period ended February 1, 2014 decreased 2.5 percent as compared to the 13-week period ended February 2, 2013.
The gross profit margin for the fourth quarter of fiscal 2013 decreased to 28.5 percent compared to 29.3 percent for the fourth quarter of fiscal 2012. The merchandise margin decreased 0.2 percent while buying, distribution and occupancy expenses increased 0.6 percent as a percentage of sales.
Selling, general and administrative expenses for the fourth quarter increased $1.2 million to $56.1 million. As a percentage of sales, these expenses increased to 28.0 percent compared to 26.7 percent in the fourth quarter of fiscal 2012 primarily due to the deleveraging effect of the decline in comparable store sales.
The Company opened three new stores during the fourth quarter of fiscal 2013 as compared to one store in the fourth quarter of fiscal 2012.
Net earnings for the 13-week fourth quarter ended February 1, 2014 were $0.6 million, or $0.03 per diluted share. For the 14-week fourth quarter ended February 2, 2013, the Company reported net earnings of $3.2 million, or $0.13 per diluted share.
Source:
http://www.fibre2fashion.com/news/textile-news/newsdetails.aspx?news_id=161189
