Shoe Carnival has reported net sales of 268.2 million dollars for the second quarter, a 0.1 percent decrease compared to the second quarter of fiscal 2018, while comparable store sales increased 1.4 percent. Gross profit margin 0.6 percent to 30.6 percent compared to 31.2 percent in the second quarter of fiscal 2018. Net income for the quarter was 11.8 million dollars or 80 cents per diluted share compared to 11.8 million dollars or 76 cents per diluted share last year.
“We are pleased our financial results for the second quarter were in line with our expectations and we believe we remain well positioned to achieve our annual outlook. Comparable store sales through the first three weeks of August are up 3.5 percent compared to a 6.5 percent increase for the full month of August last year,” said Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer in a statement.
Net sales for the first six months decreased 3.8 million dollars to 522 million dollars, comparable store sales increased 0.6 percent. Net earnings for the period were 25.7 million dollars or 1.71 dollars per diluted share compared to 24.7 million dollars or 1.59 dollars per diluted share, in the first six months of fiscal 2018. The gross profit margin was 30.1 percent compared to 30.6 percent in the same period last year.
Based on performance year-to-date, the company is maintaining the high-end of the annual diluted earnings per share guidance of 2.83 dollars and raising the lower-end of the range to 2.77 dollars compared to 2.45 dollars reported in the prior fiscal year. The company is maintaining the comparable store sales guidance for the year of a low single-digit increase and said that total net sales are expected to be in the range of 1.028 billion dollars to 1.033 billion dollars.