Shoe Carnival, Inc. reported that sales for the month of January increased 14.1% to $39.0 million from sales of $34.2 million for the four-week period ended January 29, 2005. Comparable store sales increased 11.8% in January 2006.
Sales for the thirteen-week period ended January 28, 2006 increased 13.7% to $163.6 million from sales of $143.9 million for the thirteen-week period ended January 29, 2005. Comparable store sales increased 11.7% for the fourth quarter of 2005.
Sales for fiscal year 2005 increased 11.1% to $655.6 million from sales of $590.2 million for fiscal year 2004. Comparable store sales increased 6.9% for the fifty-two week period.
Commenting on sales, Mark Lemond, president and chief executive officer, stated, “A double-digit comparable store sales increase in January provided a fitting close to the best sales and earnings year ever at Shoe Carnival. Our sales increases of 11.7% for the fourth quarter and 6.9% for the 2005 fiscal year represent the largest quarterly and annual comparable store sales increases in the Company's history.
“We are also pleased that each of our major product categories achieved at least a mid-single digit sales increase for January and the fourth quarter. Additionally, each category recorded a positive sales increase for the year, led by a mid-teens increase in our women's non-athletic category.”
Based on the quarterly sales performance, the Company now expects record fourth quarter diluted earnings per share of 20 to 22 cents. This includes a 3 cent charge for store closing costs related to five stores that are expected to close in fiscal 2006. Diluted earnings per share would then be $1.38 to $1.40 for the full year of 2005. In 2004, the company earned 9 cents in the fourth quarter and 96 cents for the full year.
The Company also announced the closing of one store in January, ending the year with 263 stores.
