Shoe Carnival celebrates profit hike in Q2, plans new stores

Evansville, Ind. -- Shoe Carnival Inc. kicked up its heels about its profit in the second quarter, but missed on sales.



Aided by higher merchandise margins and lower advertising expenses, Shoe Carnival reported net earnings of $4.8 million, up 84% from $2.6 million a year earlier. Its results easily beat estimates.



Net sales rose 2% $227.8 million, less than expected, from $222.1 million. Same-store sales rose 0.5%.



Shoe Carnival plans to open 21 new stores and close 15 stores by the end of fiscal 2015.



“We believe our assortment of branded, family footwear, favorable inventory position, and our multi-channel initiatives positioned us well to capture the robust back-to-school sales with our August comparable store sales up high single digits,” said Cliff Sifford, president and CEO.