Shoe Carnival, Inc. reported sales for the four-week period ended July 31, 2004 were $46.4 million compared to sales of $47.2 million for the four-week period ended August 2, 2003. Comparable store sales decreased 6.3% in July 2004.
Mark L. Lemond, president and chief executive officer, commented, “During the first three weeks of July our comparable store sales were virtually even with last year. However, our sales in the fourth week of July were negatively affected by certain states shifting their sales tax free weekend from July last year into August. Additionally, numerous schools are reopening later this year requiring us to shift promotions which ran in fiscal July last year into fiscal August this year.
“With higher gross profit margins during the quarter and tight expense controls, we anticipate coming in at the high end of our previous earnings guidance of $0.12 to $0.15 for the second quarter.”
Sales for the 13-week second quarter ended July 31, 2004 increased 2.7 percent to $138.1 million from sales of $134.5 million for the prior year second quarter ended August 2, 2003. Comparable store sales decreased 3.7 percent for the 13-week period.
Sales for the first six months of 2004 increased 4.5 percent to $283.6 million from sales of $271.3 million for the first six months of 2003. Comparable store sales decreased 2.1 percent for the twenty-six week period.
The Company also announced the opening of two stores during the month, one each in Abilene, Texas, and Texarkana, Texas.
