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Today's news...8/23/05
AUGUST 23, 2005 --
Shoe Carnival Has Strong 2Q; Sees Later BTS Sales
Shoe Carnival announced 2Q sales and income. Net income increased 39% to $2.7 million compared to net income of $1.9 million. Diluted EPS increased 33% to 20¢ per share from 15¢ per share last year.
Net sales for 2Q05 increased 7.6% to $148.7 million from $138.1 million. Comp-store sales increased 2.9% for the 13-week period.
CEO Mark Lemond noted, "Sales in the first three weeks of the back-to-school season, beginning with the last week of the second quarter, were disappointing. However, beginning in the third week of August, sales have been meeting our expectations. In our southern regions, where schools tend to start earlier, sales have been exceeding our expectations. It appears that consumers are shopping closer to the back-to-school date, or even after school starts, more than they have in recent years. We saw a similar trend last year when our comparable store sales increases accelerated in the second half of August and the first half of September."
Famous Footwear 2Q Sales Rise 6%
Total sales at Famous Footwear, the 933-store family footwear chain, were up 6.1% to $286,245,000 for 2Q. Same-store sales for the period were up 2.2%. Operating earnings for the chain declined to $9,296,000 from $12,391,000 for the year-ago period due to lower margins. While the return of warm weather helped spur a much stronger sandal business than previously anticipated, it also served to dampen demand for closed-toe footwear and athletics. As a result, the chain took markdowns to ensure its inventory would be well positioned for the back-to-school season.
Pride Sports Group, the manufacturer of Pride Golf Tees and Softspikes-brand cleats, promoted Travis Bailey to international sales coordinator. In this capacity, Bailey will oversee sales operations in Australia, South America, South Africa, China, South Korea and Canada for Softspikes cleats and Pride Golf Tees. Prior to being named to the new position, Bailey served as Canada territory manager for Pride Sports, where he was responsible for green grass operations, strategic marketing and sales programs within the Canadian marketplace. In this role, Bailey was instrumental in developing a partnership between Pride Sports and the Canadian PGA's Retirement Advantage Program.
Charles Callanan passed away at age 81. He converted a hardware store in Cambridge, MA into a long-time hunting and fishing specialty store. Roach's Sporting Goods is now owned and operated by sons Joseph and Charles.
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Categories
Sporting goods industry
Earnings
Carnivals
Companies
Shoe Carnival Inc.
Pride Sports Group
Softspikes
Concepts
back-to-school season
Shoe Carnival
net income
international sales coordinator
green grass operations
People
Mark Lemond
Travis Bailey
Charles Callanan
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