Originally published at www.seclive.com
Filing in Focus: Shoe Carnival 8-K, December 2, 2013
Shoe Carnival Inc. (NASDAQ:SCVL) announced its financial results for the third quarter of fiscal 2013, reporting an 11% decrease in earnings. Last year this quarter Shoe Carnival reported profits of $12.2M and $0.60 per share, and reported this quarter profits of $10.9M and $0.54 per share. Revenue also slumped 3.5% to $235.8M due mostly to last fiscal year containing 53 weeks. The company's gross margin fell slightly from 31.3% to 30.1% while same-store sales improved 0.7%. Shoe Carnival is expanding its operations and plans to open 32 new stores this year while closing five stores this quarter it deems necessary for forward progress. CEO Cliff Sifford remarked that negative sales figures were compensated by strong performance in August and October.
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