Shoe Carnival, Inc. (SCVL) a leading retailer of value-priced footwear and accessories, today reported results for the third quarter ended November 2, 2013.
The Company reported net earnings for the third quarter ended November 2, 2013 of $10.9 million, or $0.54 per diluted share, as compared to the Company’s expectations provided on August 29, 2013 of $0.51 to $0.55 per diluted share. For the third quarter ended October 27, 2012, the Company reported net earnings of $12.2 million, or $0.60 per diluted share.
As a result of fiscal 2012 consisting of 53 weeks, each of the first three quarters in fiscal 2013 is shifted one week later when compared to fiscal 2012. This one-week shift moved an important week of back-to-school sales from the third quarter of fiscal 2012 into the second quarter this year. This shift negatively affected the Company’s net sales comparison for the third quarter of fiscal 2013, reducing sales by approximately $21.2 million.
Net sales were $235.8 million for the third quarter ended November 2, 2013, as compared to net sales of $244.4 million for the third quarter ended October 27, 2012. Comparable store sales for the thirteen-week period ended November 2, 2013 increased 0.7 percent as compared to the thirteen-week period ended November 3, 2012.
-- From Business Wire by yahoo, Qifeng Shoes Machine edits.