Date of Report (Date of earliest event reported)
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November 19, 2012
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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 27, 2012.
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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 19, 2012
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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
Chief Operating Officer 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 Cliff Sifford
President, Chief Executive Officer and
Chief Merchandising Officer
or W. Kerry Jackson
Executive Vice President, Chief Operating Officer,
Chief Financial Officer and Treasurer
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FOR IMMEDIATE RELEASE
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·
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Net sales of $244.4 million, a 13.4 percent increase, compared to the third quarter last year
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·
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Comparable store sales increased 6.2 percent
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·
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Quarterly earnings per diluted share of $0.60 represented a 15.4% increase over the previous record earnings per diluted share of $0.52, which was achieved in the third quarter of fiscal 2011
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·
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Company opened six new stores, including two additional stores in Puerto Rico
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Fiscal 2012 |
New Stores
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Stores Closings
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||
1st Quarter
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13
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3
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||
2nd Quarter
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11
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2
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||
3rd Quarter
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6
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0
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4th Quarter
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1
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2
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Fiscal year
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31
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7
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City |
Market
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Total Stores in the Market
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Aguadilla, PR
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Puerto Rico
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4
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Carolina, PR
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Puerto Rico
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4
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Greenwood, SC | Greenville | 6 | ||
St. Charles, MO | St. Louis | 13 | ||
Warsaw, IN | South Bend | 2 | ||
Williamsport, PA | Williamsport | 1 |
Thirteen
Weeks Ended
October 27, 2012
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Thirteen
Weeks Ended
October 29, 2011
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Thirty-nine
Weeks Ended
October 27, 2012
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Thirty-nine
Weeks Ended
October 29, 2011
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|||||||||
Net sales
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$ | 244,434 | $ | 215,472 | $ | 649,254 | $ | 580,594 | ||||
Cost of sales (including buying, | ||||||||||||
distribution and occupancy costs)
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167,999 | 150,317 | 451,951 | 407,306 | ||||||||
Gross profit
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76,435 | 65,155 | 197,303 | 173,288 | ||||||||
Selling, general and administrative | ||||||||||||
expenses
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55,875 | 48,276 | 154,074 | 136,160 | ||||||||
Operating income
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20,560 | 16,879 | 43,229 | 37,128 | ||||||||
Interest income
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(4) | (17) | (29) | (66) | ||||||||
Interest expense
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69 | 68 | 203 | 200 | ||||||||
Income before income taxes
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20,495 | 16,828 | 43,055 | 36,994 | ||||||||
Income tax expense
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8,247 | 6,355 | 16,928 | 13,887 | ||||||||
Net income
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$ | 12,248 | $ | 10,473 | $ | 26,127 | $ | 23,107 | ||||
Net income per share:
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||||||||||||
Basic
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$ | 0.60 | $ | 0.52 | $ | 1.29 | $ | 1.16 | ||||
Diluted
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$ | 0.60 | $ | 0.52 | $ | 1.28 | $ | 1.15 | ||||
Weighted average shares: | ||||||||||||
Basic | 19,951 | 19,597 | 19,922 | 19,471 | ||||||||
Diluted | 20,003 | 19,748 | 19,996 | 19,656 | ||||||||
Cash dividends declared per share | $ | 0.05 | $ | 0.00 | $ | 0.10 | $ | 0.00 |
October 27,
2012
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January 28,
2012
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October 29,
2011
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||||||||||
ASSETS
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||||||||||||
Current Assets:
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||||||||||||
Cash and cash equivalents
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$ | 67,134 | $ | 70,602 | $ | 52,997 | ||||||
Accounts receivable | 3,174 | 2,621 | 3,029 | |||||||||
Merchandise inventories
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277,418 | 237,655 | 245,131 | |||||||||
Deferred income taxes
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3,261 | 2,496 | 2,830 | |||||||||
Other
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4,675 | 2,887 | 3,664 | |||||||||
Total Current Assets
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355,662 | 316,261 | 307,651 | |||||||||
Property and equipment-net
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76,907 | 69,232 | 67,899 | |||||||||
Deferred income taxes | 153 | 0 | 0 | |||||||||
Other noncurrent assets
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880 | 1,069 | 1,252 | |||||||||
Total Assets
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$ | 433,602 | $ | 386,562 | $ | 376,802 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||||||
Current Liabilities:
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||||||||||||
Accounts payable
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$ | 66,326 | $ | 61,238 | $ | 54,088 | ||||||
Accrued and other liabilities
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24,828 | 14,522 | 16,722 | |||||||||
Total Current Liabilities
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91,154 | 75,760 | 70,810 | |||||||||
Deferred lease incentives
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16,355 | 12,964 | 11,576 | |||||||||
Accrued rent
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7,100 | 6,029 | 5,759 | |||||||||
Deferred income taxes
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0 | 1,930 | 1,566 | |||||||||
Deferred compensation
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5,957 | 6,054 | 5,791 | |||||||||
Other
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402 | 141 | 892 | |||||||||
Total Liabilities
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120,968 | 102,878 | 96,394 | |||||||||
Total Shareholders' Equity
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312,634 | 283,684 | 280,408 | |||||||||
Total Liabilities and Shareholders' Equity
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$ | 433,602 | $ | 386,562 | $ | 376,802 |
Thirty-nine
Weeks Ended
October 27, 2012
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Thirty-nine
Weeks Ended
October 29, 2011
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|||||||
Cash flows from operating activities:
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||||||||
Net income
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$ | 26,127 | $ | 23,107 | ||||
Adjustments to reconcile net income to net cash used in operating activities:
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||||||||
Depreciation and amortization
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11,800 | 10,737 | ||||||
Stock-based compensation
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3,557 | 2,413 | ||||||
Loss on retirement and impairment of assets
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485 | 532 | ||||||
Deferred income taxes
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(2,848) | 2,342 | ||||||
Lease incentives
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4,692 | 4,128 | ||||||
Other
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(734) | (426) | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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(552) | (1,379) | ||||||
Merchandise inventories
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(39,763) | (32,202) | ||||||
Accounts payable and accrued liabilities
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14,653 | 1,283 | ||||||
Other
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760 | (430) | ||||||
Net cash provided by operating activities
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18,177 | 10,105 | ||||||
Cash flows from investing activities:
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||||||||
Purchases of property and equipment
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(20,844) | (17,794) | ||||||
Proceeds from sale of property and equipment
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0 | 5 | ||||||
Proceeds from notes receivable | 200 | 100 | ||||||
Net cash used in investing activities
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(20,644) | (17,689) | ||||||
Cash flows from financing activities:
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||||||||
Proceeds from issuance of stock
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2,149 | 1,751 | ||||||
Dividends paid | (2,045) | 0 | ||||||
Excess tax benefits from stock-based compensation
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770 | 1,274 | ||||||
Purchase of common stock for treasury | (1,859) | 0 | ||||||
Shares surrendered by employees to pay taxes on restricted stock
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(16) | (2,637) | ||||||
Net cash (used in) provided by financing activities
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(1,001) | 388 | ||||||
Net decrease in cash and cash equivalents
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(3,468) | (7,196) | ||||||
Cash and cash equivalents at beginning of period
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70,602 | 60,193 | ||||||
Cash and Cash Equivalents at End of Period
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$ | 67,134 | $ | 52,997 |