Shoe Carnival profits down for Q1

Evansville, Ind. Shoe Carnival said Thursday its fiscal first-quarter profit dropped to $4.1 million from $4.8 million in the year-ago period. Total sales increased to $167.3 million for the quarter, compared with $162.1 million in the prior year.

Same-store sales declined 0.3%.

Mark Lemond, CEO and president said, "Our customer continued to react to the value pricing of our adult dress and casual product, especially during the clearance period of February through early March. Consequently, our sales for the quarter were better than expected, but our merchandise margin was below our initial plan.”

The company opened 10 new stores and operated 20 more stores than last year at the end of the first quarter. It expects to open approximately 15 new stores in fiscal 2009 and close 10 stores.