Profits rise 188% for Indiana company Shoe Carnival

Tom Spalding

November 19, 2009 by Tom Spalding | Star staff

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Consumer interest in wellness footwear and boots helped propel southwestern Indiana retailer-based Shoe Carnival to one of the best quarters in its history.

The value-priced footwear and accessories seller said third-quarter net earnings increased 188 percent to $7.5 million compared to $2.6 million in the same period in 2008. Earnings per share for the quarter increased to 59 cents from 21 cents from a year ago.

Net sales rose 13 percent to $191.5 million and comparable store sales, a measuring stick for sellers, increased 10.2 percent.

Mark Lemond, chief executive officer and president of Shoe Carnival, credited higher-than-expected sales of athletic product during the back-to-school season and very strong boot sales later in the quarter.

“The sales increase, combined with a higher gross profit margin and controlled expenses, resulted in our second best quarterly earnings in the company’s history,” Lemond said.

Shoe Carnival’s performance was 27 cents better than the First Call consensus of 32 cents, reports MSN Money.BusinessBUSINESSbiztopstories,business,pmupdate,topstories

Category: Business

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