Shoe Carnival Inc. (SCVL, Financial) filed Quarterly Report for the period ended 2013-08-03.
Shoe Carnival has a market cap of $544.3 million; its shares were traded at around $26.58 with a P/E ratio of 19.10 and P/S ratio of 0.60. The dividend yield of Shoe Carnival stocks is 0.80%. Shoe Carnival had an annual average earning growth of 5.7% over the past 10 years. GuruFocus rated Shoe Carnival the business predictability rank of 2.5-star.
Net sales increased $34.2 million to $216.4 million during the second quarter ended August 3, 2013, an 18.8% increase, as compared to net sales of $182.2 million for the second quarter ended July 28, 2012. The one-week shift in the fiscal 2013 calendar, due to fiscal 2012 being a 53-week year, resulted in an important week of back-to-school sales falling in the second quarter in fiscal 2013 versus the third quarter in fiscal 2012. This one-week shift positively affected our year-over-year net sales comparison given the material seasonal sales influence that the back-to-school period has on our business. Of the $34.2 million increase in net sales, approximately $15.7 million was attributable to this one-week shift. Of the remaining increase in net sales, $7.3 million was attributable to the additional sales generated by our comparable store base and $11.2 million was attributable to the sales generated by
Gross profit increased $10.2 million to $62.5 million in the second quarter of fiscal 2013. The gross profit margin increased to 28.9% from 28.7% as compared to the second quarter of fiscal 2012. The merchandise margin decreased 0.7%, with approximately one-half of this decrease attributable to the one-week calendar shift that moved an additional week of the more promotional back-to-school sales period into the second quarter in fiscal 2013. Buying, distribution and occupancy costs increased $2.0 million during the second quarter of fiscal 2013, as compared to the same period last year, primarily as a result of the operation of additional store locations. However, our sales increase enabled us to leverage these costs by 0.9%, as a percentage of sales.
Net sales increased $43.9 million to $448.7 million for the six-month period ended August 3, 2013, a 10.8% increase, as compared to net sales of $404.8 million for the six-month period ended July 28, 2012. The one-week shift in the fiscal 2013 calendar favorably affected our year-over-year net sales comparison. Of the $43.9 million increase in net sales, approximately $23.3 million was attributable to the calendar shift. The 52 new stores we opened since the beginning fiscal 2012 contributed an additional $26.0 million in sales. These increases were partially offset by a $2.7 million decline in sales within our comparable store base along with the loss of $2.7 million in sales from the nine stores closed since the beginning of fiscal 2012.
Gross profit increased $10.3 million to $131.1 million in the first six months of fiscal 2013. The gross profit margin for the first six months of fiscal 2013 decreased to 29.2% from 29.9% in the comparable prior year period. The merchandise margin decreased 0.8%, with this decrease primarily attributable to a more promotional retail climate as compared to the first six months of fiscal 2012. This also includes the effect of the one-week shift in the fiscal 2013 calendar that moved an additional week of the more promotional back-to-school sales period into the second quarter in fiscal 2013. Buying, distribution and occupancy costs increased $3.9 million during the first six months of fiscal 2013 as compared to the same period last year, primarily as a result of the operation of additional store locations. However, our sales increase enabled us to leverage these costs by 0.1%, as a percentage of sales.
Read the The complete Report
Shoe Carnival has a market cap of $544.3 million; its shares were traded at around $26.58 with a P/E ratio of 19.10 and P/S ratio of 0.60. The dividend yield of Shoe Carnival stocks is 0.80%. Shoe Carnival had an annual average earning growth of 5.7% over the past 10 years. GuruFocus rated Shoe Carnival the business predictability rank of 2.5-star.
Highlight of Business Operations:
We review our inventory at the end of each quarter to determine if it is properly stated at LCM. Factors considered include, among others, recent sale prices, the length of time merchandise has been held in inventory, quantities of the various styles held in inventory, seasonality of the merchandise, expected consideration to be received from our vendors and current and expected future sales trends. We reduce the value of our inventory to its estimated net realizable value where cost exceeds the estimated future selling price. Merchandise inventories as of August 3, 2013 and July 28, 2012 totaled $321.1 million and $294.4 million, respectively, representing approximately 70% and 68% of total assets. Given the significance of inventories to our consolidated financial statements, the determination of net realizable value is considered to be a critical accounting estimate. Material changes in the factors noted above could have a significant impact on the actual net realizable value of our inventory and our reported operating results.Net sales increased $34.2 million to $216.4 million during the second quarter ended August 3, 2013, an 18.8% increase, as compared to net sales of $182.2 million for the second quarter ended July 28, 2012. The one-week shift in the fiscal 2013 calendar, due to fiscal 2012 being a 53-week year, resulted in an important week of back-to-school sales falling in the second quarter in fiscal 2013 versus the third quarter in fiscal 2012. This one-week shift positively affected our year-over-year net sales comparison given the material seasonal sales influence that the back-to-school period has on our business. Of the $34.2 million increase in net sales, approximately $15.7 million was attributable to this one-week shift. Of the remaining increase in net sales, $7.3 million was attributable to the additional sales generated by our comparable store base and $11.2 million was attributable to the sales generated by
Gross profit increased $10.2 million to $62.5 million in the second quarter of fiscal 2013. The gross profit margin increased to 28.9% from 28.7% as compared to the second quarter of fiscal 2012. The merchandise margin decreased 0.7%, with approximately one-half of this decrease attributable to the one-week calendar shift that moved an additional week of the more promotional back-to-school sales period into the second quarter in fiscal 2013. Buying, distribution and occupancy costs increased $2.0 million during the second quarter of fiscal 2013, as compared to the same period last year, primarily as a result of the operation of additional store locations. However, our sales increase enabled us to leverage these costs by 0.9%, as a percentage of sales.
Net sales increased $43.9 million to $448.7 million for the six-month period ended August 3, 2013, a 10.8% increase, as compared to net sales of $404.8 million for the six-month period ended July 28, 2012. The one-week shift in the fiscal 2013 calendar favorably affected our year-over-year net sales comparison. Of the $43.9 million increase in net sales, approximately $23.3 million was attributable to the calendar shift. The 52 new stores we opened since the beginning fiscal 2012 contributed an additional $26.0 million in sales. These increases were partially offset by a $2.7 million decline in sales within our comparable store base along with the loss of $2.7 million in sales from the nine stores closed since the beginning of fiscal 2012.
Gross profit increased $10.3 million to $131.1 million in the first six months of fiscal 2013. The gross profit margin for the first six months of fiscal 2013 decreased to 29.2% from 29.9% in the comparable prior year period. The merchandise margin decreased 0.8%, with this decrease primarily attributable to a more promotional retail climate as compared to the first six months of fiscal 2012. This also includes the effect of the one-week shift in the fiscal 2013 calendar that moved an additional week of the more promotional back-to-school sales period into the second quarter in fiscal 2013. Buying, distribution and occupancy costs increased $3.9 million during the first six months of fiscal 2013 as compared to the same period last year, primarily as a result of the operation of additional store locations. However, our sales increase enabled us to leverage these costs by 0.1%, as a percentage of sales.
Read the The complete Report
