Women’s Wear Daily
04.23.2014
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Taking Stock: Shoe Carnival Pops... Lanvin's Investor...

Shoe Carnival Inc. is benefiting from deal-minded consumers.

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SHOE CARNIVAL POPS: Shoe Carnival Inc. is benefiting from deal-minded consumers. The value-priced retailer posted a surprise jump in third-quarter profits last Thursday on a 13 percent increase in sales, thanks, in part, to solid sales of athletic footwear for the back-to-school season. The Evansville, Ind.-based retailer said it earned $7.5 million, or 59 cents a diluted share, up nearly threefold from $2.6 million, or 21 cents, the prior year. Analysts had expected a profit of 32 cents in the most recent quarter. Revenues rose to $191.5 million from $170.1 million last year, and same-store sales moved up 10.2 percent. “Our large selection of value-priced name-brand footwear resonated well with consumers, resulting in the highest third-quarter comparable-store sales gain in the company’s history. We experienced higher-than-expected sales of athletic product during the back-to-school season and very strong boot sales later in the quarter,” Mark Lemond, Shoe Carnival president and CEO, said in a written statement. “We are encouraged by our third-quarter momentum and entered the fourth quarter with inventories well positioned to capitalize on key fashion trends. We expect the early strength in boots, particularly women’s fashion boots, to continue into the holiday season. In addition, we anticipate continued strength in the athletic category, in part, due to the favorable consumer response to wellness footwear.”

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