Shoe Carnival reported that sales for the four-week period ended July 30, 2005 decreased 0.4% to $46.2 million from sales of $46.4 million for the four-week period ended July 31, 2004. Comparable store sales decreased 4.8% in July 2005.
Commenting on July sales, Mark Lemond, president and chief executive officer, stated “We started the month with comparable store sales increases through the middle of July. However, for the second consecutive year, we experienced a slower than expected start to the back-to-school sales period in the fourth week of July and continuing into the first week of August. We feel good about both the quantity and content of our inventory position as we move into the heart of the back-to-school season.”
Sales for the thirteen-week period ended July 30, 2005 increased 7.6 percent to $148.7 million from sales of $138.1 million for the thirteen-week period ended July 31, 2004. Comparable store sales increased 2.9 percent for the second quarter of 2005.
Additionally Mr. Lemond commented, “We are especially excited about the progress we have made with respect to re-establishing our women's non-athletic business. For our second quarter, this category represented 26.2% of total sales, up from 23.5% last year for the same period. This category for the quarter also achieved a double digit comp-store sales increase, which was significantly better than any other product category.”
Sales for the first six months of 2005 increased 9.1 percent to $309.4 million from sales of $283.6 million for the first six months of 2004. Comparable store sales increased 4.3 percent for the twenty-six week period.
Based on the July sales performance, the Company now expects diluted earnings per share to be $0.19 to $0.20 for the second quarter of 2005.
The Company also announced the opening of four stores during the month, one each in O'Fallon, MO; Kansas City, MO; Columbia, MO; and Newport News, VA.
