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  Shoe Carnival, Inc (SCVL) has reported 22.79 percent fall in profit for the quarter ended Apr. 29, 2017. The company has earned $8.23 million, or $0.48 a share in the quarter, compared with $10.66 million, or $0.56 a share for the same period last year.      

Revenue during the quarter went down marginally by 2.72 percent to $253.39 million from $260.47 million in the previous year period. Gross margin for the quarter contracted 53 basis points over the previous year period to 28.48 percent. Total expenses were 94.78 percent of quarterly revenues, up from 93.36 percent for the same period last year. That has resulted in a contraction of 142 basis points in operating margin to 5.22 percent.

Operating income for the quarter was $13.23 million, compared with $17.28 million in the previous year period.

Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer commented, “While February was a very challenging month due to the delay in the tax refunds, we are encouraged by the improvement in our sales as we progressed through the quarter. Comparable store sales for March and April combined, which includes the shift in the Easter selling season, were up low single digits. Our focus on inventory management resulted in higher merchandise margins and a per-store reduction in inventory for the quarter. We continue to manage our inventory effectively while keeping our product offering fresh and relevant. Looking forward, our consistently strong financial position provides the financial flexibility to support our future strategies and further enhance shareholder value over time as a result of our dividend and share repurchase programs.”

For fiscal year 2017, Shoe Carnival, Inc expects revenue to be in the range of $1,002 million to $1,018 million and its diluted earnings per share to be in the range of $1.30 to $1.45.

 Operating cash flow turns negative
Shoe Carnival, Inc has spent $9.71 million cash to meet operating activities during the quarter as against cash inflow of $4.40 million in the last year period.

The company has spent $7.48 million cash to meet investing activities during the quarter as against cash outgo of $4.16 million in the last year period.

The company has spent $20.49 million cash to carry out financing activities during the quarter as against cash outgo of $3.06 million in the last year period.

Cash and cash equivalents stood at $25.26 million as on Apr. 29, 2017, down 61.72 percent or $40.74 million from $66 million on Apr. 30, 2016.

 

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