Shoe Carnival Inc. (SCVL, Financial) filed Quarterly Report for the period ended 2008-11-01.
Shoe Carnival Inc. is a high volume value-oriented retailer offamily footwear. They adhere to a highly promotional marketing concept that enables them to be competitive in the retail markets they enter. They provide a selection and variety of footwear normally associated with a ``category killer`` superstore in an exciting retail environment. Shoe Carnival Inc. has a market cap of $135.61 million; its shares were traded at around $10.8 with a P/E ratio of 14.12 and P/S ratio of 0.21. Shoe Carnival Inc. had an annual average earning growth of 5.7% over the past 10 years.
Net income for the third quarter of fiscal 2008 decreased to $2.6 million, or $0.21 per diluted share, from $4.2 million, or $0.33 per diluted share, in the third quarter of fiscal 2007.
Selling, general and administrative expenses decreased $697,000 to $122.4 million in the first nine months of fiscal 2008 from $123.1 million in the comparable prior year period. For both periods, selling, general and administrative expenses represented 24.9% of sales. The $697,000 in savings was primarily the result of a $4.2 million reduction in advertising costs along with a $1.3 million decrease in expense for employee incentives and benefits. Our decision to lower advertising costs was based on current market trends, store performance and an overall decrease in advertising during non-peak periods. These decreases were partially offset by $4.1 million of additional costs incurred from the operation and support of the net new stores opened since February of fiscal 2007.
For the first nine months of fiscal 2008, net income decreased to $8.4 million, or $0.67 per diluted share, from $11.7 million, or $0.87 per diluted share, in the first nine months of fiscal 2007.
We expended $12.6 million in cash during the first nine months of fiscal 2008 for the purchase of property and equipment. Of this amount, $10.2 million was used for new stores, store remodeling and store relocation projects. The remaining capital expenditures were used primarily for information technology and miscellaneous equipment purchases. Additional capital expenditures of approximately $5.0 million will be made over the course of fiscal 2008 for the opening of new stores, store remodels and various other store improvements. During the nine months ended November 1, 2008, we received $817,000 in lease incentives from our landlords and we anticipate receiving a total of $2.0 million in lease incentives from our landlords for fiscal 2008.
Our current store prototype uses between 6,500 and 12,000 square feet depending upon, among other factors, the location of the store and the population base the store is expected to service. For fiscal 2008, our new stores will average approximately 8,900 square feet. Capital expenditures for a new store in fiscal 2008 are expected to average approximately $290,000 and tenant improvement allowances are expected to average $30,000. The average inventory investment in a new store is expected to range from $300,000 to $550,000 depending on the size and sales expectation of the store and the timing of the new store opening. Pre-opening expenses, such as advertising, salaries and supplies, are expected to average approximately $40,000 per store in fiscal 2008, with individual stores experiencing variances in expenditure levels based on the specific market.
Read the The complete Report
More on SCVL:
Gurus buys and sells of SCVL
10-year financial history of SCVL.
Insider buys/sells of SCVL.
Shoe Carnival Inc. is a high volume value-oriented retailer offamily footwear. They adhere to a highly promotional marketing concept that enables them to be competitive in the retail markets they enter. They provide a selection and variety of footwear normally associated with a ``category killer`` superstore in an exciting retail environment. Shoe Carnival Inc. has a market cap of $135.61 million; its shares were traded at around $10.8 with a P/E ratio of 14.12 and P/S ratio of 0.21. Shoe Carnival Inc. had an annual average earning growth of 5.7% over the past 10 years.
Highlight of Business Operations:
In the third quarter of fiscal 2008, selling, general and administrative expenses decreased $1.2 million to $42.4 million, or 24.9% of sales, from $43.6 million, or 25.1% of sales, in the comparable prior year period. The $1.2 million in savings was primarily the result of a $1.5 million reduction in advertising costs from our decision to decrease advertising during non-peak periods along with a $1.0 million decrease in the expense for employee incentives and benefits. These decreases were partially offset by $1.6 million of additional costs incurred from the operation and support of the net new stores opened since July of fiscal 2007.Net income for the third quarter of fiscal 2008 decreased to $2.6 million, or $0.21 per diluted share, from $4.2 million, or $0.33 per diluted share, in the third quarter of fiscal 2007.
Selling, general and administrative expenses decreased $697,000 to $122.4 million in the first nine months of fiscal 2008 from $123.1 million in the comparable prior year period. For both periods, selling, general and administrative expenses represented 24.9% of sales. The $697,000 in savings was primarily the result of a $4.2 million reduction in advertising costs along with a $1.3 million decrease in expense for employee incentives and benefits. Our decision to lower advertising costs was based on current market trends, store performance and an overall decrease in advertising during non-peak periods. These decreases were partially offset by $4.1 million of additional costs incurred from the operation and support of the net new stores opened since February of fiscal 2007.
For the first nine months of fiscal 2008, net income decreased to $8.4 million, or $0.67 per diluted share, from $11.7 million, or $0.87 per diluted share, in the first nine months of fiscal 2007.
We expended $12.6 million in cash during the first nine months of fiscal 2008 for the purchase of property and equipment. Of this amount, $10.2 million was used for new stores, store remodeling and store relocation projects. The remaining capital expenditures were used primarily for information technology and miscellaneous equipment purchases. Additional capital expenditures of approximately $5.0 million will be made over the course of fiscal 2008 for the opening of new stores, store remodels and various other store improvements. During the nine months ended November 1, 2008, we received $817,000 in lease incentives from our landlords and we anticipate receiving a total of $2.0 million in lease incentives from our landlords for fiscal 2008.
Our current store prototype uses between 6,500 and 12,000 square feet depending upon, among other factors, the location of the store and the population base the store is expected to service. For fiscal 2008, our new stores will average approximately 8,900 square feet. Capital expenditures for a new store in fiscal 2008 are expected to average approximately $290,000 and tenant improvement allowances are expected to average $30,000. The average inventory investment in a new store is expected to range from $300,000 to $550,000 depending on the size and sales expectation of the store and the timing of the new store opening. Pre-opening expenses, such as advertising, salaries and supplies, are expected to average approximately $40,000 per store in fiscal 2008, with individual stores experiencing variances in expenditure levels based on the specific market.
Read the The complete Report
More on SCVL:
Gurus buys and sells of SCVL
10-year financial history of SCVL.
Insider buys/sells of SCVL.
