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8-K Filing
Shoe Carnival (SCVL) 8-KResults of Operations and Financial Condition
Filed: 28 Nov 16, 12:00am
7500 East Columbia Street Evansville, IN 47715 www.shoecarnival.com (812) 867-6471 | Contact Cliff Sifford President and Chief Executive Officer or W. Kerry Jackson Senior Executive Vice President, Chief Operating and Financial Officer and Treasurer |
FOR IMMEDIATE RELEASE |
· | Net sales increased $4.8 million to $274.5 million, compared to $269.7 million in the third quarter of fiscal 2015 |
· | Earnings per diluted share for the third quarter were $0.54, compared to earnings per diluted share of $0.47 for the third quarter of fiscal 2015 |
· | Repurchased 376,000 shares of common stock at a total cost of $10.2 million under the current share repurchase program |
· | The Company ended the fiscal third quarter of 2016 with inventories down 3.9 percent on a per-store basis |
New Stores | Store Closings | |||||||
1st quarter 2016 | 3 | 4 | ||||||
2nd quarter 2016 | 9 | 0 | ||||||
3nd quarter 2016 | 3 | 1 | ||||||
4th quarter 2016 | 4 | 4 | ||||||
Fiscal year 2016 | 19 | 9 |
City | Market | Total Stores in the Market | ||||
Oxford, MS | Memphis | 6 | ||||
Seymour, IN | Louisville | 7 | ||||
W. Burlington, IA | Davenport | 2 |
Thirteen | Thirteen | Thirty-nine | Thirty-nine | |||||||||||||
Weeks Ended | Weeks Ended | Weeks Ended | Weeks Ended | |||||||||||||
October 29, 2016 | October 31, 2015 | October 29, 2016 | October 31, 2015 | |||||||||||||
Net sales | $ | 274,524 | $ | 269,713 | $ | 766,901 | $ | 750,302 | ||||||||
Cost of sales (including buying, | ||||||||||||||||
distribution and occupancy costs) | 192,514 | 188,396 | 542,105 | 528,022 | ||||||||||||
Gross profit | 82,010 | 81,317 | 224,796 | 222,280 | ||||||||||||
Selling, general and administrative | ||||||||||||||||
expenses | 66,558 | 66,144 | 185,399 | 182,200 | ||||||||||||
Operating income | 15,452 | 15,173 | 39,397 | 40,080 | ||||||||||||
Interest income | (1 | ) | (2 | ) | (6 | ) | (36 | ) | ||||||||
Interest expense | 43 | 42 | 127 | 126 | ||||||||||||
Income before income taxes | 15,410 | 15,133 | 39,276 | 39,990 | ||||||||||||
Income tax expense | 5,738 | 5,747 | 14,839 | 15,391 | ||||||||||||
Net income | $ | 9,672 | $ | 9,386 | $ | 24,437 | $ | 24,599 | ||||||||
Net income per share: | ||||||||||||||||
Basic | $ | 0.54 | $ | 0.47 | $ | 1.31 | $ | 1.23 | ||||||||
Diluted | $ | 0.54 | $ | 0.47 | $ | 1.31 | $ | 1.23 | ||||||||
Weighted average shares: | ||||||||||||||||
Basic | 17,609 | 19,444 | 18,220 | 19,542 | ||||||||||||
Diluted | 17,614 | 19,452 | 18,225 | 19,553 | ||||||||||||
Cash dividends declared per share | $ | 0.070 | $ | 0.065 | $ | 0.205 | $ | 0.19 |
October 29, 2016 (Unaudited) | January 30, 2016 (Audited) | October 31, 2015 (Unaudited) | ||||||||||
ASSETS | ||||||||||||
Current Assets: | ||||||||||||
Cash and cash equivalents | $ | 33,509 | $ | 68,814 | $ | 49,035 | ||||||
Accounts receivable | 3,540 | 2,131 | 2,665 | |||||||||
Merchandise inventories | 314,925 | 292,878 | 318,878 | |||||||||
Deferred income taxes | 0 | 1,061 | 1,236 | |||||||||
Other | 5,630 | 5,193 | 5,611 | |||||||||
Total Current Assets | 357,604 | 370,077 | 377,425 | |||||||||
Property and equipment - net | 102,932 | 103,386 | 106,374 | |||||||||
Deferred income taxes | 8,163 | 7,158 | 5,655 | |||||||||
Other noncurrent assets | 970 | 472 | 348 | |||||||||
Total Assets | $ | 469,669 | $ | 481,093 | $ | 489,802 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||||||||||
Current Liabilities: | ||||||||||||
Accounts payable | $ | 69,986 | $ | 72,086 | $ | 75,006 | ||||||
Accrued and other liabilities | 18,936 | 15,848 | 18,129 | |||||||||
Total Current Liabilities | 88,922 | 87,934 | 93,135 | |||||||||
Deferred lease incentives | 30,320 | 31,971 | 30,595 | |||||||||
Accrued rent | 11,465 | 11,224 | 11,221 | |||||||||
Deferred compensation | 10,171 | 9,612 | 9,892 | |||||||||
Other | 767 | 550 | 424 | |||||||||
Total Liabilities | 141,645 | 141,291 | 145,267 | |||||||||
Total Shareholders' Equity | 328,024 | 339,802 | 344,535 | |||||||||
Total Liabilities and Shareholders' Equity | $ | 469,669 | $ | 481,093 | $ | 489,802 |
Thirty-nine Weeks Ended October 29, 2016 | Thirty-nine Weeks Ended October 31, 2015 | |||||||
Cash Flows From Operating Activities | ||||||||
Net income | $ | 24,437 | $ | 24,599 | ||||
Adjustments to reconcile net income to net | ||||||||
cash provided by operating activities: | ||||||||
Depreciation and amortization | 17,698 | 17,132 | ||||||
Stock-based compensation | 3,438 | 2,595 | ||||||
Loss on retirement and impairment of assets | 500 | 958 | ||||||
Deferred income taxes | 56 | (1,707 | ) | |||||
Lease incentives | 1,838 | 4,116 | ||||||
Other | (3,064 | ) | (3,597 | ) | ||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,409 | ) | 55 | |||||
Merchandise inventories | (22,047 | ) | (31,001 | ) | ||||
Accounts payable and accrued liabilities | (1,298 | ) | 9,699 | |||||
Other | 1,303 | 456 | ||||||
Net cash provided by operating activities | 21,452 | 23,305 | ||||||
Cash Flows From Investing Activities | ||||||||
Purchases of property and equipment | (17,426 | ) | (22,313 | ) | ||||
Proceeds from notes receivable | 0 | 250 | ||||||
Net cash used in investing activities | (17,426 | ) | (22,063 | ) | ||||
Cash Flows From Financing Activities | ||||||||
Proceeds from issuance of stock | 186 | 335 | ||||||
Dividends paid | (3,780 | ) | (3,782 | ) | ||||
Excess tax benefits from stock-based compensation | 2 | 91 | ||||||
Purchase of common stock for treasury | (35,428 | ) | (10,181 | ) | ||||
Shares surrendered by employees to pay taxes on restricted stock | (311 | ) | (46 | ) | ||||
Net cash used in financing activities | (39,331 | ) | (13,583 | ) | ||||
Net decrease in cash and cash equivalents | (35,305 | ) | (12,341 | ) | ||||
Cash and cash equivalents at beginning of period | 68,814 | 61,376 | ||||||
Cash and Cash Equivalents at End of Period | $ | 33,509 | $ | 49,035 |