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Shoe Carnival Posts Strong Q3 Despite Unseasonable Weather

Shoe Carnival experienced a strong third quarter in 2015, with results driven by sales in athletic and women’s fashion boots, as well as enhanced omnichannel sales initiatives.

Net sales for Q3 2015 increased $15 million to $269.7 million, marking a 5.9% increase, compared to $254.7 million in the third quarter of fiscal year 2014. The comparable store sales increased 6 percent in the third quarter of fiscal 2015.

Cliff Sifford, Shoe Carnival president and CEO, noted that unseasonably warm weather had hurt boot sales and overall comparable store sales, however, he anticipates a positive reaction to their boot assortment when the weather becomes more seasonable.

Selling, general and administrative expenses for the third quarter increased $7.2 million to $66.1 million. The majority of the increase in selling, general and administrative expenses was due to a $2.5 million increase in advertising in August 2015 and a $2.4 million increase in equity compensation in the third quarter of 2015 compared to the prior year.

The company expects fiscal 2015 net sales to be in the range of $980 million to $987 million, with a comparable store sales increase of approximately 3 percent. Earnings per diluted share for the fiscal year are expected to be in the range of $1.38 to $1.43. This represents an increase of 9 percent to 13 percent over fiscal 2014 earnings per diluted share of $1.27.

The company expects to open 20 new stores and to close 15 stores in fiscal 2015.