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Expenses trip up Shoe Carnival profits
Evansville, Ind. – Increases in cost of sales and selling, general and administrative expenses (SG&A) drove a year-over-year reduction in net income during the second quarter of fiscal 2014 at Shoe Carnival Inc. The company reported net income of $2.58 million, down 59% from $5.84 million the same period a year earlier.
Net sales fared better, rising 3% to $222.1 million from $216.4 million. Same-store sales dropped 2.1%.
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Shoe Carnival earnings drop on income tax expenses; plans 23–28 stores
Evansville, Ind. – Shoe Carnival Inc. reported a 3% year-over-year drop in net income to $9.2 million, from $9.5 million in the first quarter of fiscal 2014. The retailer plans to open 23-28 new stores in fiscal 2014, including 16 in the second quarter and seven-to-12 in the fourth quarter.
Shoe Carnival’s net sales grew 1.5% to $235.8 million, from $232.3 million.