Shoe Carnival on right path in Q3

Improved e-commerce and marketing strategies are among the reasons Shoe Carnival President and CEO Cliff Sifford cited for the company’s increase in same store sales.

The Indiana-based retailer of moderately priced footwear and accessories said sales increased $18.9 million to $254.7 million, as compared to sales reported for the third quarter of fiscal 2013, exceeding the company’s guidance. Same store sales increased 2.3% in the third quarter, also exceeding the company’s guidance. Earnings per diluted share for the third quarter were $0.54. Per-store inventories were down 0.6% at the end of the quarter, as compared to the third quarter last year.

“These results reflect strong sales in our fashion boot category and progress in key initiatives we announced last year, mainly, national advertising, better brands in our women’s department and a reinvigorated e-commerce presence. I am proud of the entire Shoe Carnival family and believe our strategy will continue to benefit long-term sales and earnings growth,” Sifford said.

Net earnings for the third quarter were $10.8 million, or $0.54 per diluted share. For the third quarter of fiscal 2013, the company reported net earnings of $10.9 million, or $0.54 per diluted share. The gross profit margin for the third quarter was 30.1%, which was unchanged compared to the prior-year quarter.

Shoe Carnival operates 404 stores in 33 states and Puerto Rico, and offers online shopping at shoecarnival.com.