Date of Report (Date of earliest event reported)
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September 1, 2015
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SHOE CARNIVAL, INC.
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(Exact name of registrant as specified in its charter)
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Indiana
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0-21360
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35-1736614
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(State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
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7500 East Columbia Street, Evansville, IN
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47715
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(Address of principal executive offices)
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(Zip Code)
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Registrant's telephone number, including area code
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(812) 867-6471
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Not Applicable
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(Former name or former address if changed since last report)
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[ ]
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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[ ]
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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[ ]
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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[ ]
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Exhibit No.
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Exhibits
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99.1
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Earnings Release – Second Quarter Ended August 1, 2015.
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Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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SHOE CARNIVAL, INC.
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|||
(Registrant) | |||
Dated: September 1, 2015
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By:
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/s/ W. Kerry Jackson
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W. Kerry Jackson
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|||
Senior Executive Vice President
Chief Operating and Financial Officer and Treasurer
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|||
7500 East Columbia Street
Evansville, IN 47715
www.shoecarnival.com
(812) 867-6471
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Contact Cliff Sifford
President, Chief Executive Officer and
Chief Merchandising Officer
or W. Kerry Jackson
Senior Executive Vice President,
Chief Operating and Financial Officer and Treasurer
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FOR IMMEDIATE RELEASE
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·
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Net sales increased $5.7 million to $227.8 million, compared to $222.1 million in the second quarter of fiscal 2014
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·
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Comparable store sales increased 0.5 percent, in-line with the Company’s guidance
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·
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Merchandise margin increased 1.1 percent, compared to the second quarter of fiscal 2014
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·
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Earnings per diluted share increased 84.6 percent to $0.24, compared to $0.13 in the second quarter of fiscal 2014
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New Stores
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Stores Closings
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|||
1st quarter 2015
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7
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6
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||
2nd quarter 2015
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5
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6
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||
3rd quarter 2015
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6
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2
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||
4th quarter 2015
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3
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1
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||
Fiscal year 2015
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21
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15
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City |
Market
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Total Stores in the Market
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||
Adrian, MI
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Toledo
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4
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||
Bensalem, PA
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Philadelphia
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7
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||
Philadelphia, PA | Philadelphia | 7 | ||
Mays Landing, NJ | Philadelphia | 7 | ||
Moorestown, NJ | Philadelphia | 7 |
Thirteen
Weeks Ended
August 1, 2015
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Thirteen
Weeks Ended
August 2, 2014
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Twenty-six
Weeks Ended
August 1, 2015
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Twenty-six
Weeks Ended
August 2, 2014
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|||||||||
Net sales
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$ | 227,822 | $ | 222,073 | $ | 480,589 | $ | 457,843 | ||||
Cost of sales (including buying, | ||||||||||||
distribution and occupancy costs)
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161,548 | 159,854 | 339,626 | 326,042 | ||||||||
Gross profit
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66,274 | 62,219 | 140,963 | 131,801 | ||||||||
Selling, general and administrative | ||||||||||||
expenses
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58,397 | 57,955 | 116,056 | 112,328 | ||||||||
Operating income
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7,877 | 4,264 | 24,907 | 19,473 | ||||||||
Interest income
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(31) | (3) | (34) | (9) | ||||||||
Interest expense
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42 | 41 | 84 | 83 | ||||||||
Income before income taxes
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7,866 | 4,226 | 24,857 | 19,399 | ||||||||
Income tax expense
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3,049 | 1,642 | 9,644 | 7,664 | ||||||||
Net income
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$ | 4,817 | $ | 2,584 | $ | 15,213 | $ | 11,735 | ||||
Net income per share:
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||||||||||||
Basic
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$ | 0.24 | $ | 0.13 | $ | 0.76 | $ | 0.58 | ||||
Diluted
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$ | 0.24 | $ | 0.13 | $ | 0.76 | $ | 0.58 | ||||
Weighted average shares: | ||||||||||||
Basic | 19,593 | 19,856 | 19,590 | 19,908 | ||||||||
Diluted | 19,606 | 19,869 | 19,604 | 19,923 | ||||||||
Cash dividends declared per share | $ | 0.065 | $ | 0.06 | $ | 0.125 | $ | 0.12 |
August 1,
2015
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January 31,
2015
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August 2,
2014
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||||||||||
ASSETS
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||||||||||||
Current Assets:
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||||||||||||
Cash and cash equivalents
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$ | 39,503 | $ | 61,376 | $ | 32,686 | ||||||
Accounts receivable | 2,449 | 2,928 | 3,808 | |||||||||
Merchandise inventories
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349,037 | 287,877 | 337,648 | |||||||||
Deferred income taxes
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1,154 | 957 | 852 | |||||||||
Other
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9,093 | 5,991 | 12,876 | |||||||||
Total Current Assets
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401,236 | 359,129 | 387,870 | |||||||||
Property and equipment-net
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105,817 | 101,294 | 100,648 | |||||||||
Deferred income taxes | 7,003 | 4,227 | 7,164 | |||||||||
Other noncurrent assets
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831 | 366 | 432 | |||||||||
Total Assets
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$ | 514,437 | $ | 465,016 | $ | 496,114 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||||||
Current Liabilities:
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||||||||||||
Accounts payable
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$ | 95,934 | $ | 67,999 | $ | 105,721 | ||||||
Accrued and other liabilities
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20,740 | 15,123 | 19,396 | |||||||||
Total Current Liabilities
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116,674 | 83,122 | 125,117 | |||||||||
Deferred lease incentives
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30,411 | 29,908 | 26,426 | |||||||||
Accrued rent
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11,137 | 10,505 | 10,115 | |||||||||
Deferred compensation
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10,313 | 9,901 | 9,105 | |||||||||
Other
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370 | 382 | 202 | |||||||||
Total Liabilities
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168,905 | 133,818 | 170,965 | |||||||||
Total Shareholders' Equity
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345,532 | 331,198 | 325,149 | |||||||||
Total Liabilities and Shareholders' Equity
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$ | 514,437 | $ | 465,016 | $ | 496,114 |
Twenty-six
Weeks Ended
August 1, 2015
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Twenty-six
Weeks Ended
August 2, 2014
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|||||||
Cash flows from operating activities:
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||||||||
Net income
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$ | 15,213 | $ | 11,735 | ||||
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
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||||||||
Depreciation and amortization
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11,378 | 9,518 | ||||||
Stock-based compensation
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1,752 | 1,812 | ||||||
Loss on retirement and impairment of assets
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422 | 267 | ||||||
Deferred income taxes
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(2,973) | (3,382) | ||||||
Lease incentives
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2,628 | 3,060 | ||||||
Other
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(1,804) | (42) | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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230 | 529 | ||||||
Merchandise inventories
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(61,160) | (52,847) | ||||||
Accounts payable and accrued liabilities
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34,369 | 47,439 | ||||||
Other
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(3,116) | (8,918) | ||||||
Net cash (used in) provided by operating activities
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(3,061) | 9,171 | ||||||
Cash flows from investing activities:
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||||||||
Purchases of property and equipment
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(16,679) | (19,730) | ||||||
Proceeds from sale of property and equipment | ||||||||
Proceeds from notes receivable | 250 | 250 | ||||||
Net cash used in investing activities
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(16,429) | (19,480) | ||||||
Cash flows from financing activities:
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||||||||
Proceeds from issuance of stock
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128 | 155 | ||||||
Dividends paid | (2,497) | (2,430) | ||||||
Excess tax benefits from stock-based compensation
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32 | 35 | ||||||
Purchase of common stock for treasury | 0 | (3,000) | ||||||
Shares surrendered by employees to pay taxes on restricted stock
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(46) | (18) | ||||||
Net cash used in financing activities
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(2,383) | (5,258) | ||||||
Net decrease in cash and cash equivalents
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(21,873) | (15,567) | ||||||
Cash and cash equivalents at beginning of period
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61,376 | 48,253 | ||||||
Cash and cash equivalents at end of period
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$ | 39,503 | $ | 32,686 |