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Net income dips at Shoe Carnival in Q3

12/2/2014

Evansville, Ind. – Net income dipped to $10.8 million in the third quarter of fiscal 2014 from $10.9 million the same period the prior fiscal year. Net sales fared better, climbing 7% to $254.69 million from $235.77 million, ahead of previously issued guidance.



Same-store sales rose 2.3%, also ahead of guidance. Higher expenses cut into net earnings. Shoe Carnival plans to open a total of 31 new stores and close seven stores in fiscal 2014, including opening one store and closing five stores in the fourth quarter. The company cited national advertising, e-commerce improvements, sales in the fashion boot category and better brands in its women’s department as boosting sales.



“We are pleased to report results that exceeded our expectations for net sales, comparable store sales and earnings per share for the third quarter,” said Cliff Sifford, president and CEO.


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