Shoe Carnival reported a net sales increase of $7.7 million for the first quarter of 2016, reaching a record for the quarter of $260.5 million.
Comparable store sales grew 2.7 percent, the seventh straight quarterly increase, according to the Evansville-based retailer.
CEO Cliff Sifford attributed the performance to “continued strength in athletic footwear for the entire family” and expense control.
“Unseasonably warm temperatures helped drive sales early in the quarter, and though cold weather did impact our Easter holiday performance, we generated positive momentum late in the quarter when more seasonal conditions returned,” Sifford said in a news release.
The chain’s gross profit margin for the quarter decreased to 29 percent, compared to 29.5 percent in the first quarter of fiscal 2015.
The merchandise margin decreased 0.9 percent. Buying, distribution and occupancy expenses decreased 0.4 percent as a percentage of sales.
Company officials said they are reiterating their fiscal 2016 outlook for net sales to be in the range of $1.007 billion to $1.027 billion, with a comparable store sales increase in the range of 1-3 percent. Earnings per diluted share for the fiscal year are expected to be in the range of $1.58 to $1.65. This represents an increase of 9 percent to 14 percent over fiscal 2015 earnings per diluted share of $1.45.
Three new Shoe Carnival stores opened during the quarter — in Mooresville, North Carolina; Grand Forks, North Dakota; and Litchfield, Illinois.