SCVL - Earnings call transcript Q4 2017

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Operator

Good afternoon, ladies and gentlemen. And welcome to Shoe Carnival's Fourth Quarter Fiscal 2017 Earnings Conference Call. Today's call is being recorded. It is also being broadcast via webcast. Any reproduction or rebroadcast of any portion of this call is expressly prohibited. forward-looking involve contain risk number may factors. remarks statements a that of Management's could actual the materially risk cause These factors Company's those in different projected results such statements. from be to

the as be factors on call risk to statements, in today's statements release in update should in or Company these Company's any events and are forward-looking release. any filings date. of which earnings to publicly SEC risk place cautioned statements Forward-looking not the today's conjunction developments. with to future disclaims to revisions the The announce factors obligation discussed discussion considered any of on included press or Investors press or the only today's forward-looking reflect speak today's to conference of undue reliance contained

GAAP Sifford, determined Executive of earnings the turn Sifford, Mr. accordance Shoe call now begin. for release. we’ll are non-GAAP per to with diluted in adjusted A Mr. of including During financial income adjusted with accordance included measures to to financial earnings Chief and results reported is I'll reconciliation expenses, non-GAAP results financial our to over opening remarks. as the this for President certain of in GAAP. financial measures, the provided net our and non-GAAP call, our SG&A adjusted reported alternatives in determined and in add Cliff addition measures tables share. Carnival The Officer you may refer

Clifton Sifford

XXXX Thank conference you. And welcome fourth fiscal Shoe to earnings and Carnival's call. quarter year-end

Chief is Joining me and Senior Operating the Financial Kerry Executive Jackson, Officer. President, today call on Vice

of XXXX store fiscal consisted like to to would while everyone for XX XX, of consisted comparable sales the period are weeks. weeks XX comparable XX-week ending References XXXX. begin, fiscal that annual XXXX we I January Before remind

XXXX. well company's period fourth On was of operating year are XX, Kerry XX-week overview highlight consisted the the for addition, Shoe in provide I'll XXXX a and our weeks. of comparable of quarter our today's of References of weeks brief call will annual XXXX while as questions. year fourth of quarter ending transitional comparable up fourth quarter store XXXX more overview Carnival. In consisted XX guidance. January financial XX the detail. open call, fourth fiscal sales your take the a to results review for as an results, Then we'll the quarter XXXX sales

habits customers for our strategic in position engage how opportunities entire refined further Shoe terms provide assortment are important they online a we with device. consistently us The in growth. in on making us or business. These in them investments our stores, Carnival the team to whether mobile of of already our our and term find changes footwear Our evident we and purchasing for across to order has direction family evolution the are of long resulted consumer to multiple strategic

In it about addition, we and Carnival we ways customer more continue to in shopping experience. even memorable Shoe the utilize exciting fun, will better create data are our which excited to

only I'll into initiatives, we've our on sales. a overview annual detail give get progress I the our more the about made Before brief strategic of

at increased reported X.X% year his increased and provide the billion remarks. compared year share XXXX. $X.XX $X.XX $X.XX. share to for prior $XX.X For the high net will earnings GAAP sales Comparable in the $X.XX. fiscal to earnings earnings GAAP XXXX store year, to million we sales for Kerry more diluted difference end diluted our of XXXX expectation fiscal and compared diluted per of per the detail prepared between on the were per fiscal adjusted to adjusted share of $X.XX

during million dividend share enhance programs. value and our repurchases we In year shareholder approximately to $XX used addition, the through

returning of excess team management and Directors to committed remain to Board Our capital shareholders.

in Directors December of for pleased million are XXXX. new announced repurchase Board $XX a We program share our

As many U.S. in in and tax delayed three major first to start hurricanes. refunds of were Rico later XXXX quarter as difficult and may Puerto by we were stores a Shoe the Southern Carnival fiscal affected had in recall, you the year,

fourth addition, to strategically we back Day. In cadence, our Thanksgiving the promotional Despite external our shop the including to on quarter they Shoe when consumer during doors promotional our and the had challenges the pulled decision Carnival. close on need changes buy

merchants shopping a seasons did important job during like the great Our back-to-school.

X.X% and fiscal year-end, expectations. very prior merchandize our are a line inventory compared We for period. gross basis, profit basis with both XXX the improved our down margin quarter margins on store fourth points per which pleased at the with year And position was in our to

like I'd XX-week single quarter basis, fourth while traffic per average a sales. digit. on transaction a low comparable add transaction digit, mid-single Now, and On to increased declined units little conversion, color

Focusing on quarter, the mid-single comparable ended our sales department, women's fourth by down basis. quarter on comparable our department non-athletic store digits a

Children’s comparable the the a struggle executed quarter. pleased low also less high be points. mid-single to As performance am to shoes men’s at reduce which included basis boot Margin women's in athletic due of our reduced cadence, department our points. are promotional up more men’s by primarily boot seasonal single points. was comparable improved boots in boots was boots Adult men’s to up excess we in high XXX end approximately digits, increased basis, decision a basis digits basis XX%. while of expected Children's athletic women's Thanksgiving we the strategy our to proud digits ended fourth The were decline the category XXX continues in on the mid-single we importantly, single on comparable XXX non-athletics quarter, very in while our store I reduction The Margin with closing decline stores per digit, low non-athletic planned increased improved on down basis. way But Children digits basis. and sales our year again promotional, on while single women's were Day. a team basketball merchant for, due single athletic. margins of mid-single the digits in inventory our category. promotions to was down seasonal boots down of digit.

As a products margins a merchandise seasonal result, we good the we better and entered opportunity XXXX have year. believe with for to less realize we

Now, the our to few key strategic I like executed minutes a would Carnival review fiscal initiatives, to team Shoe spend during XXXX.

First, as patience of decided with we to new know, exercise many you stores. opening

growth. including will us to better to closures. and from we We real our expect continue We consolidation once retail benefit store strategy our store to believe ramp again retail as implementation this opportunities near enable evolving future the estate in the landscape, CRM specialty and look of up

who in organization more a to approach customer specializes creating a centric more Second, focus entire holistic the we partner engaged a on strategic model.

have and channel for categories. growth. by detail this will us consumers of program, a customers our loyal on develop begin they we with As on fuel we how this XXXX. into shop highest this understand tremendous strategy, customer better future of our product I’ll We’ve believe in been segmentation. loyalty the XX greater sales value to to transform with customers how Perks, and then go most minute our million part We to outlook data utilized identified we our terms Shoe and connect in

are front to We new thus results our digital we far. pleased performance enhance with online a and also created for the store reliability and platform

Shoe came device. to mortar weekly want re-launched shop end e-commerce to how of sales customers approximately and member promotions of mobile to our we to XXXX, become allow are check have our Shoe close Carnival our the also mobile online Additionally, and half more Shoe phone, from fiscal and Perks they app earnings of a brick our user-friendly At mobile that XX% engaged rewards. Carnival who see their from their via shopped traffic mobile through device customers for

how increasingly come. with launched years our the grow an customers, We new gives we’ve on program our in product third to Shoe customers latest up-to-the-minute quarter ability expect information continue this connect the And want offer introductions. they to trend receive SMS Carnival’s to to or that in the to choose also

we accelerate. We who in believe pleased SMS we our the X.X, receive communication to initial will And Perks out are Shoe as roll to continue growth with customers prefer launch.

we’ll to critical success. with one-o-one direct forward implement evolve that look strategy. retail long-term Shoe into XXXX, or Carnival We is CRM we As environment and believe our continue the in to change customers our communication

mentioned high we developed Shoe customer taken our shoppers. we have and segmentation value for earlier, all Perks As data I

further diversity of the With breaking it level understanding the this of to value process and stores, down to the our individual store taking each high of shopper. we more are in definitive store’s a get

the further marketers, Shoe with customer store them. our We will help insights our customer Once merchant we will goals our analyst have to differentiate complete, to we mind achieve set this down estate our our the process Carnival brand team and and team, is real leverage the serve level. data very rich better that team

We are this growth. will really our about excited future shape how

high the be high of make During fiscal Shoe a all us customers which twice designed once launching of a Perks will incentivize store purchases. will the X.X, second who our their or benefit We footwear and is their Shoe believe value for Carnival of choice quarter customers the family maybe to value shopping we XXXX, to becoming year shopper. recognize

our launch vendor will drop-ship We initiative.

second up quarter. and ramped selection and of our currently select seamlessly end at is brand will to customers vendor the ShoeCarnival.com. the from opportunity have style goal to This the a by technology than broader Our offered drop-ship view allow

I in our Carnival and as our taken have Shoe future footwear In Shoe February the take yield sizes decisive site styles, differentiate we to per value am Carnival, Shoe while and in largest a risk goal team And this through our SKU enhance and We fiscal of growth and our with in launched test inventories greater our the made technology depth pleased more believe The today’s of analyze first year, brands in fiscal For for expand we strategic engagement without items. XXXX will we are with merchant key increasing our brand. the important very accomplished our reduction We with to page efforts level XXXX. relevant landing get lot brand the ownership. incredibly brand and actions make and brand fiscal in us we inventory even believe all XXXX assortment teams reducing we with our marketplace. also of Carnival will investments customer landing of to store fiscal page to continue the further consumer. will growth. in have benefits next

to on We in quarter real in XX Puerto Moving Rico. stores states with the entered XXX estate. fourth

stores terms I'm and since with XX of During year. through certain reduced performance the improved quarter, the of closures for call, we we XX have number stores store for of combination that a underperforming better a the pleased report last to total closed landlords. for 'XX our

closures from goal on work closure store of Even closing XX we minimum fiscal realize store to overall of XX our income thus expectation. with We list estate for improvements. long would XXXX metrics current each stores, the reduce expect the performance store Currently, the on to each improve though EPS the diligently this continue these stores, includes for cannot stores to our improving the particularly plan to and operating number. reducing near of the we real our volume term term, if those contribution of

New digit store openings XXXX in low for range. the single be will

mention Although, to we of closures wanted the we past have experienced not are the store level continue not and providing years we guidance several XXXX. do expect XXXX, over I beyond that

a fiscal Finally, for XXXX. color little expectations I'd to our give like on

and the I sales. year. period. in will are plan the performance quarter-to-date shifted to We more believe and continue trend experiencing with continuation We through Easter business margin. strong of the product efficiently out March, Since to say been continue manage categories conservatively seasonal we happy this inventory will back-to-school the leisure over April and of not I give trend the have order into at time our past athletic of we will our

the these goals. the $X.XX sales sales our range of comparable Our of achieve of and on back-to-school. be believe to terrific appropriate identifying we to expect with $X.XX and billion expectations, have we net categories for items built the digits. done key team to in and depth low-single Based has billion in fiscal XXXX And a we merchant season categories items job those spring store

call diluted be range Kerry. earnings the to per turn share the to That would over expect like concludes my $X.XX overview. We of to in I $X. now to

Kerry Jackson

last quarter the offset Thank fiscal a beginning sales million you, sales, XX to in the $XXX.X last were XX XXXX of quarter store QX the an Fourth in million $XX week same decrease in opened from by comparable attributable Of sales to of fiscal These $X the of to was net $X.X year. from quarter of period increased partially or compared along increase closed over fourth compared increases stores quarter increase stores net year this with of time X.X%. million of since fourth and million included a sales the the extra $X.X in loss million million fourth Cliff. to the year sales new the $X XXXX. of of in

Our XX.X% in the distribution gross for GAAP increased was merchandized The the last expense Included in fourth year. affected of fourth occupancy percentage our compared to quarter the quarter buying gain was a quarter the basis insurance sales. margin profit on a profit to while XX.X% flat X.X% related this margin on as million were year hurricane proceeds gross $X.X stores. in and

quarter been million. fiscal margin on gain gross SG&A a adjusted the on flat million basis the of the $X.X fourth Excluding expenses would GAAP profit to increased have XXXX for quarter. insurance $XX fourth proceeds, our in

increase and $X.X for Jobs restricted in the non-cash the $X.X Tax the company’s its expenses enactment the Rico of XX.X% million of in these Act fiscal approximately We stock-based $X.X in this SG&A XXXX, SG&A expense in of year. impairment increase charges QX the Puerto year to to QX sales, quarter U.S. million million of this to XXXX. included net and the performance-based due extra outstanding last increased for $X.X XX.X% stores compensation in on of percentage of also non-cash fourth included to of of XX seven a SG&A expenses was included year underperforming Cuts impact million vesting and in week charges stores. compared impairment stock. anticipated estimate As QX due

Excluding the and QX stock-based year, in the compensation non-cash expense last and additional recorded $X.X million expenses SG&A this QX impairment year $XX.X this year million. in charges adjusted increased to

year in cost change of flat adjusted were escalations. consist lower December corporate severances, costs a by in XXXX. QX $X net million percentage deferred the in last The On to year $X.X both of million charge to fourth basis, an of impairments, to sales, tax the rent expenses and fees costs SG&A statutory and of at with QX in year. in asset liabilities using Company’s leases tear The for Store on XXXX store of compared tax year. expense rent included QX in of basis XX%. this QX fixed in rate last a sales tax offset last $X.X tax income billion million write-offs, $X.X expense rate closing costs with GAAP benefit were from termination income XX% tax tax Company down GAAP closing law These this SG&A up. a assets resulted partially reduced which and primarily XX.X%. year the As clean $XXX,XXX lease reversal are Store to and compared re-measured new the fiscal its additional income expense tax QX quarter accrued

referenced compensation last $XXX,XXX of income was charge in tax gain tax this and additional of expense expense for year. and effects impairment stock-based this charges I additional the the QX and $XXX,XXX issuance Excluding year income the QX earlier, excluding on proceeds, non-cash expense adjusted tax

for or a On be net rate million flow. GAAP approximately compared for additional We expect from effective $X.X $XXX,XXX to diluted share wages as loss our taxes per should year of QX flow decrease the cash this XX%. $X.XX share. and net tax loss cash in per year was QX to last This basis, such XX.X% utilize to initiatives fiscal is $X.XX CRM. a in historical store to EPS higher XX.X%. to diluted company rate fund the of a or This significant our in between XXXX paid intend We effective result higher and decrease

per unusual discussed QX on income year, outstanding or diluted XXXX QX income year week Total net average QX and included the effect at in XX,XXX,XXX. last of had outstanding QX for $X.X last effect year $X.XX X%. extra in shares item and million income adjusted year this shares X.X adjusted GAAP this diluted The both in million net previously or year year to $X.XX shares adjusted end per or net earnings of $X.X million immaterial an compared share this share. was of the decreased per basis. Excluding share and were a in the diluted on Weighted QX QX this

in included GAAP table our a today the non-GAAP earnings to describing illustrating release adjustments have earnings. reconciliation We to and

Now $XX million. of credit. purchases $XX.X cash at were million cost repurchased and stock shares We fourth after from property turning shares to on repurchased borrowings cash position and of and our operations information million total were $XX.X generated we flow. fiscal Cash million $XX and with in year affecting cash common of in No cash In ended a the equivalents the no equipment million. of line X.X quarter. cash XXXX,

in have which through of However, a XXX,XXX million. under program the have total at $XX December cost through XXbX-X authorization, our shares available our runs of repurchased XX, we quarter-to-date first $XX quarter XXXX. repurchase share XXXX, currently We million

dividend. In million addition, through relocation new for Capital XXXX for we to a shareholders XXXX. $X.X fiscal used fiscal quarterly this a year. to were My with in XXXX. million incentives XXXX, Depreciation discuss for Lease for fiscal cash was and QX be million fiscal XXXX. returned $XX.X shift one today fiscal XXXX week $X.X in $XX.X quarterly the later and remodels. in expenditures the stores did $XX.X million it ends last Due calendar were XX-week year expense for million that will fact to calendar year, comment XXXX million was than the $X.X the fiscal

While year, apparent QX during is the shift in and it QX. most quarter each the affect

Let explain. me

reflected significantly. of week If our million by QX, second was and by shift, will end XXXX, thereby next weeks sales million, out XXXX This For for by XXXX. to QX $X.X in fiscal the our sales the dates, sales $XX.X on million, those of calendar million. the fiscal reduce increase decrease one financial sales will and back-to-school July sales ended back-to-school Xth, QX increase our concludes second $XX.X we and ending restated August second quarter and quarter into XXth review. pulling XXXX net quarter calendar QX XXXX, less would $XX XX having the $XX.X calendar accelerated on the first The the QX to XXXX by sales week of decrease fiscal by our QX Due and in shifts million. week, very in the sales XXXX effect and

to call questions. for up the like I'd open Now,

Operator

Thank you. your and first [Operator the electronically Kummetz Research. be Mitch with will gentlemen will Ladies question-and-answer Pivotal from Instructions]. session And come conducted question

Mitch Kummetz

I Kerry, drill a just want bit. on to the little down margin gross

pieces ex-out trying for you QX, can XXX taking to lose you I'm reconcile if insurance points and me. So Where consideration? for you merch gains. did was volume it two with And that other margin flat. that's up into when XXX the flat bps those you’re basis understand,

Kerry Jackson

closing insurance from points the of Well, liquidation have don't component I settlements And stores of in stores. for the quarter fourth flowed was think worth of primary the was item basis the through stores of -- gain the of hurricane the the of gain -- that, is the that from there closing the the in there XX the or liquidation from you quarter. really other fourth only which

Mitch Kummetz

merch the was and of of margin? what basis not of the So points in is XXX that liquidation impact stores part

Kerry Jackson

what That's margin. merch what's reflected that's in and that included in

Mitch Kummetz

up you I can with afterwards. guys follow always

that -- Let boots. fourth you guys, planned boots know you in I Cliff, the me you down say ask could quarter. you on

you comp I'm what non-boot piece down boots then what could curious broke then and a sales were women’s QX? boots? men’s, kids. and percent QX comp boots your the in group say is was across on the you how in how boots -- just And did So of

Clifton Sifford

were quarter, comp were sales allow would as You to XXXX, question the and in piece. total the boots in percent total, this for fourth the were of to XX%. think -- asking And XXXX boots well. non-boot But total you of have as down of Last singles. that a year in get our year XX% me high I

I lost So the points, we guess basis total. XXX

Mitch Kummetz

this on impact the what year? being for not was say comp open guys you on Thanksgiving Can

Clifton Sifford

We can rather we but not. would

we will But quarter. wouldn’t that the really For to like competitive really. this volume just positive been reasons, for get tell the you have we I would

Mitch Kummetz

obviously Kerry, in in on bought buyback then based share lastly on, Is that guys the to-date? QX you what implied guidance, the you EPS back And range have any the because already and guide? there is some buyback count stock

Kerry Jackson

It is.

should saying the We’re on insurance. were was annual $X.X thought received using an $XX.X here. have million QX I gain I weighted shares diluted The on basis million. I average about merchandise entire into gain now of point your margin basis XXX some -- question, you

when basis. strip So flat on year-over-year it you that was out, a

Mitch Kummetz

was lost on margin flat, merch then you it. but were boots the margin up but of merch So some

merch… So the what did you lose

Clifton Sifford

we The to but boots a boots didn’t into put didn’t entire in fourth loss of we’ll of margin, the they going quarter. seasonal the closing into first stores clearance close think were all, I lose store.

So the clearance not boot clear have stores through the that product. did

loss the a margin entire perspective from the was store. closing the So of XX

Operator

Next come with from will Svezia question Wedbush. Chris

Chris Svezia

is have first say low year, said guess year. release I the positive, the in on question you for the guidance. In single-digit the press comp optimism your think single-digit Cliff, to low but I for you I flat just

Just should… curious what

Clifton Sifford

release that, If singles. missed to to that you the for said be up expect apologize I low be for press but I the single-digit We expect sales that, up year. low we

Chris Svezia

the on the year closings. the all flat And the extra then being week midpoint revenues having in I store for of roughly and despite terms think just revenues, not math despite

you mathematically you there thought store closures. how would sale Just would Kerry you’re maybe maybe have walk slightly you down through and just can getting have given

you’re how that? thinking through walk about maybe Just

Kerry Jackson

comp of small there’s primary low Well, is single-digit the store comp piece the it. increase stores,

basically store, a wall. left closing the in to inventory, we keeping the force when so we mind is close up that end whatever out Now, we

the accelerated you’re substantial decline But discounts. to we artificially So a fit shoes see in the pushing out door gross have margin the that store. sales limited what profit we see through fairly closing of store because of we because is that

Chris Svezia

plan whatever any you to you there Perk Shoe targeting what don’t you how do that? I of and think -- maybe quarter think or what more going little about a talk in are you’re just color or on terms related terms maybe in comp, to you when you second doing. in just doing the the And assuming benefit in of about you’re business before. you Perks, that on were emails? doing just Shoe Are

Clifton Sifford

We are email targeting do going to be our I that. believe more effectively,

built to We improve Perks our allow sales fact levels our up is are the program, low to in be believe comp. that’s offering we could part we what a that get until single-digit going believe to part VIP do And the of second our that Shoe it that level. active our comps into we’ve to But don’t going customers and this half. be latter and accretive of to

be we to So fourth quarter. the go increase the will we third get as sales that expect through and

Chris Svezia

some the buying on talking P&L being to just elements said, you the pointing those to and occupancy, up ’XX. on And year that, other year merchandise when margins of fiscal How parameters? about and just Kerry, in color for the terms SG&A

Kerry Jackson

lower year primarily in which one, and repeated; gain small of the have margin store hurricane to it’s was the costs What is leverage of that, year and rest to standpoint annual come from closing not gains we that due to the again you’d merchandise EPS to sales be a we GAAP your in costs so call you’re ‘XX. comp costs for store current will nor just asking baked opening improvement fiscal able operating XXXX, in effect expect of basis in the from would decline the in prior guidance. the Then going our What our It’s the comparison have see should you to the SG&A rate. two the be is be be an merchandise be won’t effect from then We would what’s the increase fact the down margin many the margin. the things; will as store tax year. some on plus

Chris Svezia

on you But a at for non-GAAP? look basis. year? about What was you What said on the GAAP as about $X.XX that

Kerry Jackson

then versus attorneys a I’d our from adjusted. GAAP to issue. SEC you reconcile understand, the helping non-GAAP very difficult because and are us look the can such gets at for GAAP is the high GAAP rather you

mind Now, of is part the gain it, piece as that of piece decline not of decline in there’s the repeating the keep to going that gross the is the XX -- to merchandise XX stores of in for I margin of the the stores cost but liquidation the XX part to other profit profit XX we said planned. XX that from the be stores the -- gross of have

Operator

Susquehanna [Operator we from Sam hear Poser. Instructions] From will

Sam Poser

all expect can bit. you’re margin gross year expenses think do and about about you -- you talked -- give margin you little for that? Do how But how a the the you gross us thinking breakdown of ‘XX,

Clifton Sifford

hear can’t I didn’t I -- you hear you.

Kerry Jackson

what saying guidance piece qualitative You’re are the of for XXXX?

Sam Poser

inventory you you is expecting Yes, you I margin then and so continue gross mean given your are clean to see mean, growth, could give us I some idea. investing.

at margin see but SG&A, you or there. direction I some to as gross So grow some expect mean deleverage

Clifton Sifford

down. year, our clean we product because think seasonal down Sam, In margin year XXs, the have in product as opportunity boot enter I improve XXs. the our in the inventory total in incredibly boot in the go on the we to with an through we total

year. gives us it think I through some for opportunity So growth the

we see be if that store will count in Additionally, can and stores that fourth sure that quarter is we and few the don't margin. an quarter. a there remember I that's the the two, reduce gross But And am that we on very to if gross supposed more the we think can close continue we I effect quarter to save work opportunity air we store when a we a combine if are -- stores, improved the we of hopeful those fourth that can little which that. do on to margin stores are in scheduled XX closures. number in I if now, think then that the is close, the going to can Right almost of that But possibility fourth a help because correctly, to you have margin. is case product. are would bit our if also on distinct

Sam Poser

on then investment to investing I so is need side, and continue investment continue to already that mean how you you're a improving continue -- of investment that to do systems customers? the new communication your question lot do you've Does guess much how these done on. relationship then with of much on And I mean your to that in the improve customers? everything with your And top need you that

Clifton Sifford

CRM we Well, the the today, the on know give number can't don't for software. I Sam investment you

you We’re we've still new -- partially open budget. built this can mostly in built stores way chosen capital into that the has up that the the fact process built into the use that. into not of or tell I to budget and letting our

Sam Poser

carrier expecting So get I it's growth you simplify way mean at it? you're comp if the to SG&A or leverage. fair you we in think leverage gross unlikely you'll might could end, probably see high say way margin modest but by that Is a this, about offset in to SG&A

Kerry Jackson

If flat percentage you're of compared numbers categories to a relatively are those to… adjusted comparing our guidance each as the

Sam Poser

last to year. …compared

basis. adjusted an on So

Operator

follow [Operator Instructions] Chris, a from we And up have Wedbush.

Chris Svezia

anything stores, for any chance to are what this nine? single talking year, Could just from three store is or you digit low stores? Or define that four just by growth you one is

Clifton Sifford

than less actually anything say digit, low anything we X.X. under single It's five,

open half can’t tell to So you range. somewhere such be I’ll you going that store. in a it's

Chris Svezia

to -- am just regard with just curious. I And

of calendar? from say the you perspective, get week. slight to is pretty time the growth, then given lot the little growth, half a would QX of year the the and benefit earnings quarter obviously in Given in a decline the back the fair second timing that the just it bit majority QX growth of earnings From your obviously in of a less fact and the essentially an you or in significant see potentially extra

Kerry Jackson

see, see we’re think both I increases you're going and significantly to year shifts. And due helps number difficult had we QX QX QX. QX comp profitability the to to in numbers, Remember, very last negative guiding likely And important shift, a QX comp that. you'll X% week to and into not with X.X% a repeat where QX declines there. the in the back-to-school the most see then

Chris Svezia

well. pretty you treating is weather the Cliff, guess, I And

Clifton Sifford

raining a gun. it's son of like now, Right

Chris Svezia

I You trying know to where with was go that.

[multiple appreciate you’re to know very you much not I Thank guys. it. I So speakers]. going

Operator

Greg Pendy a take We’ll question with Sidoti. from

Greg Pendy

Just estate you Does that maybe hold are big out consider mean, I we're about in your maybe your -- for and your we just would are -- right just going you footprint? least I picture. low current is better to now mean real think maintain possible footprint malls there hearing or you Can would at opportunities. where guess that. as increasing you opportunities some as penetration

Clifton Sifford

we into entering so really not have A we in in few before XX that the really closed to like honest retailers that that a today. fall a Bs is to we making in malls stores C or we're We’d Greg, malls. be we we commitment. entire is over start mall, are before strategy many and there around any Cs. is the need the that few see have out rumor you, to where start start, be with part malls are malls especially slightly we of the to in And see really around B and And this or before this closing fallout

Operator

we’ll Pivotal From Mitchel hear Kummetz. Research, from

Mitchel Kummetz

too, the versus mistaken, is if Just still on some to had talked enthusiastic a I'm products I’m mean, quick channel. on family shops that you’ve and maybe know and And broadly much And brands. how more little trend I Cliff, you’re Nike of a price I where I as could from extend of And some just there see trending a just wondering how bit not am athletic -- you obviously continuing better strong access focus a done a the as I you but to talk continuing get And more Puma about you’ve well. just of where done points Adidas know you're with to bit little -- function at I with and that you just for curious, trend. curious just follow-up. a the that’s XXXX. and you’re that’s progressing? am

Clifton Sifford

all better key from getting product are We our vendors.

several. mentioned You

of in level basketball. channel We’re signature getting family product a

of We’re on product keeps growth have selection just buying believe But about you of an product that continuing we’ve from and at we of they better. the the specifically done and key way growth getting to job the better our I getting see of the great to mentioned. hate what’s the part expect that the to absolutely is proud that vendors we that’s have just of do product all elements seen that I the excellent look But one on that the buyers done going items key job, and it. just a talk am call. identifying vendors in the depth

good I the -- many on question But year. thing. we we shops, minimum open don’t opening and additional specific of expect shops So customers then answer a plan And get your won’t brands. that’s XX we about to to and disappoint on this

In shops fact and year. year XX this next additional

the of and with our shops of athletic the stores business to the shops of where to becomes very athletic we’re they’ve put and So the that what pleased percentage these brought performance in.

Operator

are like back additional management would over And turn no this other concluding conference time, questions. to any at there to for remarks. I the or

Clifton Sifford

quarter today. speaking on us And May joining the on a our you for week. you we again first good and call to you to Thank results. look have Thank in forward

Operator

today's and for everyone gentlemen, do And that We disconnect. does you conclude participation. thank now Ladies presentation. may your

Shoe Carnival (SCVL) 27 Mar 182017 Q4 Earnings call transcript