Shoe Carnival, Inc. reported a 7.3% decline in sales for the thirteen-week fourth quarter to $164.3 million from sales of $177.2 million for the fourteen-week period last year. Sales of approximately $11.5 million were recorded in the extra week of the fourth quarter of fiscal 2006. Comparable store sales for the thirteen-week period ended February 2, 2008 decreased 5.7% compared with the thirteen-week period ended February 3, 2007.
Sales for the 52-week 2007 fiscal year ended February 2, 2008, decreased 3.4% to $658.7 million from sales of $681.7 million for the 53-week 2006 fiscal year ended February 3, 2007. Comparable store sales for the 52-week period ended February 2, 2008, decreased 5.2% compared with the 52-week period ended February 3, 2007.
Earnings for the fourth quarter of fiscal 2007 are now expected to range from 6 cents to 8 cents per diluted share. Accordingly, earnings for the full fiscal year 2007 are expected to range from 93 cents to 95 cents per diluted share. Included in these estimates are impairment charges in the fourth quarter of 5 cents per diluted share for certain stores expected to close in fiscal 2008.
Due to difficulties in the economic environment and the uncertainty of the effect on consumer spending, the company will no longer provide quarterly and annual earnings guidance.
The company also announced the opening of one store and the closing of three stores during the fourth quarter, ending the fiscal year with 291 stores.
