Date of Report (Date of earliest event reported)
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November 17, 2011
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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 – Third Quarter Ended October 29, 2011.
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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: November 17, 2011
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By:
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/s/ W. Kerry Jackson
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W. Kerry Jackson
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|||
Executive Vice President and
Chief Financial Officer
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|||
7500 East Columbia Street
Evansville, IN 47715
www.shoecarnival.com
(812) 867-6471
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Contact Mark L. Lemond
President and Chief Executive Officer
or W. Kerry Jackson
Executive Vice President, Chief Financial Officer
and Treasurer
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FOR IMMEDIATE RELEASE
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SHOE CARNIVAL REPORTS THIRD QUARTER 2011 RESULTS
Highest Quarterly Results in Company History
Net Sales of $215 Million and Earnings Per Diluted Share of $0.78
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New Stores
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Store Closings
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||
1st Quarter 2011
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4
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0
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2nd Quarter 2011
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5
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2
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3rd Quarter 2011
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7
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1
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4th Quarter 2011
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1
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1
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Fiscal 2011
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17
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4
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City
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Market/Total Stores in Market
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American Fork, UT
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Salt Lake City/7
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D'Iberville, MS
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Biloxi-Gulfport/2
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Hanover, PA | Harrisburg-Lancaster-Lebanon-York/3 | |
Houston, TX
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Houston/11
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Nampa, ID
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Boise/3
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Raleigh, NC | Raleigh-Durham (Fayetteville)/7 | |
Russellville, AR
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Little Rock-Pine Bluff/6
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Thirteen
Weeks Ended
October 29, 2011
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Thirteen
Weeks Ended
October 30, 2010
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Thirty-nine
Weeks Ended
October 29, 2011
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Thirty-nine
Weeks Ended
October 30, 2010
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|||||||||
Net sales
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$ | 215,472 | $ | 204,443 | $ | 580,594 | $ | 559,294 | ||||
Cost of sales (including buying, | ||||||||||||
distribution and occupancy costs)
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150,317 | 142,933 | 407,306 | 391,756 | ||||||||
Gross profit
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65,155 | 61,510 | 173,288 | 167,529 | ||||||||
Selling, general and administrative | ||||||||||||
expenses
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48,276 | 47,096 | 136,160 | 132,135 | ||||||||
Operating income
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16,879 | 14,414 | 37,128 | 35,394 | ||||||||
Interest income
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(17) | (28) | (66) | (79) | ||||||||
Interest expense
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68 | 64 | 200 | 196 | ||||||||
Income before income taxes
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16,828 | 14,378 | 36,994 | 35,277 | ||||||||
Income tax expense
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6,355 | 5,282 | 13,887 | 12,816 | ||||||||
Net income
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$ | 10,473 | $ | 9,096 | $ | 23,107 | $ | 22,461 | ||||
Net income per share:
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||||||||||||
Basic
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$ | .79 | $ | .71 | $ | 1.74 | $ | 1.77 | ||||
Diluted
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$ | .78 | $ | .70 | $ | 1.72 | $ | 1.73 | ||||
October 29,
2011
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January 29,
2011
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October 30,
2010
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|||||||||
ASSETS
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|||||||||||
Current Assets:
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|||||||||||
Cash and cash equivalents
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$ | 52,997 | $ | 60,193 | $ | 43,312 | |||||
Accounts receivable
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3,029 | 1,550 | 2,596 | ||||||||
Merchandise inventories
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245,131 | 212,929 | 228,233 | ||||||||
Deferred income tax benefit
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2,830 | 4,275 | 3,531 | ||||||||
Other
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3,664 | 2,407 | 2,977 | ||||||||
Total Current Assets
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307,651 | 281,354 | 280,649 | ||||||||
Property and equipment-net
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67,899 | 62,391 | 62,608 | ||||||||
Other
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1,252 | 1,400 | 1,286 | ||||||||
Total Assets
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$ | 376,802 | $ | 345,145 | $ | 344,543 | |||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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|||||||||||
Current Liabilities:
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|||||||||||
Accounts payable
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$ | 54,088 | $ | 55,219 | $ | 58,668 | |||||
Accrued and other liabilities
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16,722 | 15,457 | 18,856 | ||||||||
Total Current Liabilities
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70,810 | 70,676 | 77,524 | ||||||||
Deferred lease incentives
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11,576 | 8,211 | 7,348 | ||||||||
Accrued rent
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5,759 | 5,082 | 5,162 | ||||||||
Deferred income taxes
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1,566 | 669 | 0 | ||||||||
Deferred compensation
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5,791 | 4,907 | 4,569 | ||||||||
Other
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892 | 1,257 | 1,578 | ||||||||
Total Liabilities
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96,394 | 90,802 | 96,181 | ||||||||
Total Shareholders' Equity
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280,408 | 254,343 | 248,362 | ||||||||
Total Liabilities and Shareholders' Equity
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$ | 376,802 | $ | 345,145 | $ | 344,543 |
Thirty-nine
Weeks Ended
October 29, 2011
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Thirty-nine
Weeks Ended
October 30, 2010
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|||||
Cash flows from operating activities:
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||||||
Net income
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$ | 23,107 | $ | 22,461 | ||
Adjustments to reconcile net income to net
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||||||
cash provided by operating activities:
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||||||
Depreciation and amortization
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10,737 | 10,252 | ||||
Stock-based compensation
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2,413 | 3,638 | ||||
Loss on retirement and impairment of assets
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532 | 1,407 | ||||
Deferred income taxes
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2,342 | (1,328) | ||||
Lease incentives
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4,128 | 1,830 | ||||
Other
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(426) | (770) | ||||
Changes in operating assets and liabilities:
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||||||
Accounts receivable
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(1,379) | (1,850) | ||||
Merchandise inventories
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(32,202) | (30,781) | ||||
Accounts payable and accrued liabilities
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1,283 | 2,777 | ||||
Other
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(430) | 717 | ||||
Net cash provided by operating activities
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10,105 | 8,353 | ||||
Cash flows from investing activities:
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Purchases of property and equipment
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(17,794) | (10,335) | ||||
Proceeds from sale of property and equipment
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5 | 311 | ||||
Proceeds from notes receivable
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100 | 100 | ||||
Net cash used in investing activities
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(17,689) | (9,924) | ||||
Cash flows from financing activities:
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||||||
Proceeds from issuance of stock
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1,751 | 560 | ||||
Excess tax benefits from stock-based compensation
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1,274 | 434 | ||||
Purchase of treasury stock
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(2,637) | (279) | ||||
Net cash provided by financing activities
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388 | 715 | ||||
Net decrease in cash and cash equivalents
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(7,196) | (856) | ||||
Cash and cash equivalents at beginning of period
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60,193 | 44,168 | ||||
Cash and Cash Equivalents at End of Period
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$ | 52,997 | $ | 43,312 |