Shoe Carnival Q1 sales climbed 13.2% to $189.5 million with same-store sales jumping 13.1% for the period. Both net sales and comps were above the company's prior guidance for sales in the range of $181 million to $183 million and a comp increase of 8% to 9% for the quarter.
As a result, the family shoe chain now expects EPS in the range of 70 cents to 72 cents for Q110. The company's prior guidance calling for EPS of 54 cents to 58 cents. In Q109, Shoe Carnival earned 33 cents a share.
Mark Lemond, president CEO, said Shoe Carnival is “continuing to capitalize on key fashion trends, particularly in the athletic and toning categories,” as well as disciplined inventory management.
“Our lean inventory position enabled us to increase our merchandise assortment in these key categories to meet the consumers demand and enabled us to achieve our highest quarterly comparable store sales increase in the company's history,” said Lemond. “As a result, we were able to maximize our profitability and increase our earnings per diluted share expectations for the first quarter of 2010. We remain extremely well positioned as customers continue to respond positively to our business model of providing the right product assortment of name brand footwear for the entire family at a compelling value.”
