Record Q4 earnings at Shoe Carnival
Footwear and accessories retailer Shoe Carnival, Inc. has posted record sales and earnings for its fourth quarter and fiscal year ended February 3.
Net earnings for the 14-week fourth quarter increased 70% to $5.1 million compared with $3 million in the 13-week fourth quarter ended
Net earnings for 2006 increased 26.5% to $23.8 million compared with $18.8 million last year, whilst net sales increased 4% to $681.7 million compared with sales of $655.6 million last year.
Conversion to a 410,000 sq. ft. distribution centre was substantially completed during the fourth quarter of 2006 and the company estimates approximately $900,000 of incremental costs were incurred in this conversion process. Construction of a new, 60,000 sq. ft. corporate headquarters commenced in June and the company expects to occupy this leased facility in May. It expects to open 25 stores in 2007 and is currently planning a future store growth rate of 12% to 15%.
