Shoe Carnival reports 11 percent increase in net earnings

EVANSVILLE, Ind. – Shoe Carnival Inc. (NASDAQ: SCVL) a retailer of footwear and accessories with a store in Fort Collins and one planned in Greeley, reported record sales and earnings for the third quarter ended Nov. 1, 2003.

Net earnings increased 11 percent to $5.5 million, compared with $4.96 million in the third quarter of 2002. Earnings per diluted share increased to 42 cents per share compared with 38 cents per share in third quarter 2002.

Net sales for the third quarter increased 10.6 percent to a company record of $152.4 million from $137.7 million last year. Comparable store sales increased 0.3 percent for the 13-week period.

Net earnings for the first nine months of 2003 are $12.1 million or 93 cents per diluted share, compared with net earnings of $14.17 million or $1.09 per diluted share for the first nine months of 2002.

“Despite a difficult retail environment, our sales and earnings were the highest third-quarter results in the company’s history,” Mark Lemond, president and CEO of Shoe Carnival, said in a released statement. “This return to record-setting performance is especially gratifying after experiencing a difficult first half.”

During mid-day trading, shares of Shoe Carnival were trading at $18.52, down 23 cents from the days open.

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