Shoe Carnival, Inc. reported sales for the four-week period ended November 29, 2003 increased 2.3 percent to $43.4 million from sales of $42.4 million for the four-week period ended November 30, 2002. Comparable store sales decreased 7.8 percent in November 2003.
Womens non-athletic was down in the “mid teens” and Mens non-athletic was down in the “high teens”. Kids and Accessories were both said to be “flat”.
Athletics was the lone gainer for the retailer, recording a comp sales increase in the “low singles”.
Friday and Saturday after Thanksgiving represent 25% of the month of November. Comps for those two days were down in the “high teens”. Comp decline was attributed to lower traffic.
Because the late November sales trend was significantly below management's expectation, the Company currently expects earnings to fall below the previously stated guidance of $0.15 to $0.18 per diluted share for the fourth quarter unless sales trends improve significantly during the remainder of the quarter. Management expects to issue revised earning guidance for the quarter in conjunction with December sales results on January 8, 2004 after the important holiday selling period has concluded.
Sales for the first ten months of 2003 increased 7.6 percent to $467.1 million from sales of $434.1 million for the first ten months of 2002. Comparable store sales decreased by 3.0 percent for the 43-week period.
