Shoe Carnival reported a 19.5 percent increase in net profit for the first quarter ended May 2 to $10.4 million. Sales increased by 7.2 percent, as compared to the first quarter of fiscal 2014, reaching $252.8 million. Comparable store sales grew by 3.0 percent.
Sales increased across all footwear departments and in each of the company's geographic regions on a comparable store basis, despite a very challenging start of the quarter due to adverse weather, with more than 400 days of store closures.
The gross profit margin remained flat at 29.5 percent. The company opened seven new stores across the U.S. during the quarter.
For the full financial year, the company expects net sales to be in the range of $977 million to $991 million. Comparable sales are expected to increase in the range of 1.5 percent to 3.0 percent. Earnings are expected to increase in the range of 12 percent to 17 percent compared with fiscal 2014 earnings. The company plans to open 18 to 19 new stores and close 10 to 14 stores in fiscal 2015.