Shoe Carnival, Inc. reported that sales for the four-week period ended August 28, 2004 increased 8.8% to $76.2 million from sales of $70.1 million for the four-week period ended August 30, 2003. Comparable store sales increased 1.5% in August 2004 on top of a 5.1% comp sales increase in the year-ago month.
Sales for the first seven months of 2004 increased 5.4% to $359.8 million from sales of $341.4 million for the first seven months of 2003. Comparable store sales decreased 1.9% for the 30-week period.
Mark L. Lemond, president and chief executive officer, stated, “We are pleased to report a comparable store sales gain in a choppy retail environment and against a difficult comparison to August of 2003. Without the benefit of the childcare credit refund checks this year our back-to-school sales started slowly in August but picked up momentum as the month progressed. As we look forward to the transition from the athletic sales of back-to-school to the sale of fashion footwear this fall, we are excited about the strong women's fashion trends which emphasize dressy looks and vibrant colors.”
The Company also announced that it expects to earn between $0.38 and $0.42 per diluted share in the third quarter of 2004. Included in this earnings estimate is a $0.02 charge to close two stores. The Company expects to end the year with 255 stores after opening 22 stores during the fiscal year and closing four.
