Shoe Carnival reports 188% profit surge

Evansville, Ind. Shoe Carnival said Thursday it posted net earnings for the third quarter of $7.5%, up 188% from $2.6 million in the year-ago period.

The retailer of value-priced footwear and accessories also reported net sales for the third quarter ended Oct. 31 increased 12.6% to $191.5 million. Comparable-store sales increased 10.2%.

Mark Lemond, CEO and president said, "Our large selection of value priced name brand footwear resonated well with consumers resulting in the highest third quarter comparable-store sales gain in the company’s history. We experienced higher-than-expected sales of athletic product during the back-to-school season and very strong boot sales later in the quarter. Our 10.2% comparable-store sales gain was significantly above our expectations for a low to mid single-digit comparable-store sales increase for the quarter. The sales increase, combined with a higher gross profit margin and controlled expenses, resulted in our second-best quarterly earnings in the company’s history."

The retailer said it has completed its store openings for the year with 16 new stores in the first nine months of fiscal 2009. Three stores have been closed so far this year with six additional stores expected to close in the fourth quarter.