Date of Report (Date of earliest event reported)
|
December 2, 2013
|
SHOE CARNIVAL, INC.
|
(Exact name of registrant as specified in its charter)
|
Indiana
|
|
0-21360
|
|
35-1736614
|
(State or other jurisdiction of incorporation)
|
(Commission File Number)
|
(IRS Employer Identification No.)
|
7500 East Columbia Street, Evansville, IN
|
|
47715
|
(Address of principal executive offices)
|
(Zip Code)
|
Registrant's telephone number, including area code
|
(812) 867-6471
|
Not Applicable
|
(Former name or former address if changed since last report)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
Exhibit No.
|
Exhibits
|
99.1
|
Earnings Release – Third Quarter Ended November 2, 2013.
|
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.
|
SHOE CARNIVAL, INC.
|
|||
(Registrant) | |||
Dated: December 2, 2013
|
By:
|
/s/ W. Kerry Jackson
|
|
W. Kerry Jackson
|
|||
Senior Executive Vice President
Chief Operating Officer and Chief Financial Officer
|
|||
7500 East Columbia Street
Evansville, IN 47715
www.shoecarnival.com
(812) 867-6471
|
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
|
FOR IMMEDIATE RELEASE
|
New Stores
|
Stores Closings
|
|||
1st quarter 2013
|
13
|
0
|
||
2nd quarter 2013
|
8
|
2
|
||
3rd quarter 2013
|
8
|
0
|
||
4th quarter 2013
|
3
|
5
|
||
Fiscal year 2013
|
32
|
7
|
City |
Market
|
Total Stores in the Market
|
||
Fajardo, PR
|
Puerto Rico
|
6
|
||
Flint, MI
|
Flint
|
2
|
||
Fort Worth, TX | Dallas | 8 | ||
Grand Island, NE | Lincoln | 1 | ||
Guaynabo, PR | Puerto Rico | 6 | ||
Helena, MT | Helena | 1 | ||
Minot, ND | Minot/Bismarck | 2 | ||
Salisbury, NC | Charlotte | 7 |
Thirteen
Weeks Ended
November 2, 2013
|
Thirteen
Weeks Ended
October 27, 2012
|
Thirty-nine
Weeks Ended
November 2, 2013
|
Thirty-nine
Weeks Ended
October 27, 2012
|
|||||||||
Net sales
|
$ | 235,770 | $ | 244,434 | $ | 684,474 | $ | 649,254 | ||||
Cost of sales (including buying, | ||||||||||||
distribution and occupancy costs)
|
164,759 | 167,999 | 482,339 | 451,951 | ||||||||
Gross profit
|
71,011 | 76,435 | 202,135 | 197,303 | ||||||||
Selling, general and administrative | ||||||||||||
expenses
|
53,196 | 55,875 | 159,516 | 154,074 | ||||||||
Operating income
|
17,815 | 20,560 | 42,619 | 43,229 | ||||||||
Interest income
|
(3) | (4) | (8) | (29) | ||||||||
Interest expense
|
41 | 69 | 132 | 203 | ||||||||
Income before income taxes
|
17,777 | 20,495 | 42,495 | 43,055 | ||||||||
Income tax expense
|
6,861 | 8,247 | 16,222 | 16,928 | ||||||||
Net income
|
$ | 10,916 | $ | 12,248 | $ | 26,273 | $ | 26,127 | ||||
Net income per share:
|
||||||||||||
Basic
|
$ | 0.54 | $ | 0.60 | $ | 1.30 | $ | 1.29 | ||||
Diluted
|
$ | 0.54 | $ | 0.60 | $ | 1.29 | $ | 1.28 | ||||
Weighted average shares: | ||||||||||||
Basic | 19,942 | 19,951 | 19,918 | 19,922 | ||||||||
Diluted | 19,962 | 20,003 | 19,939 | 19,996 | ||||||||
Cash dividends declared per share | $ | 0.06 | $ | 0.05 | $ | 0.18 | $ | 0.10 |
November 2,
2013
|
February 2,
2013
|
October 27,
2012
|
||||||||||
ASSETS
|
||||||||||||
Current Assets:
|
||||||||||||
Cash and cash equivalents
|
$ | 33,562 | $ | 45,756 | $ | 67,134 | ||||||
Accounts receivable | 3,251 | 2,152 | 3,174 | |||||||||
Merchandise inventories
|
299,122 | 272,282 | 277,418 | |||||||||
Deferred income taxes
|
1,794 | 2,914 | 3,261 | |||||||||
Other
|
4,855 | 4,918 | 4,675 | |||||||||
Total Current Assets
|
342,584 | 328,022 | 355,662 | |||||||||
Property and equipment-net
|
89,905 | 77,364 | 76,907 | |||||||||
Deferred income taxes | 2,383 | 999 | 153 | |||||||||
Other noncurrent assets
|
675 | 811 | 880 | |||||||||
Total Assets
|
$ | 435,547 | $ | 407,196 | $ | 433,602 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||||||
Current Liabilities:
|
||||||||||||
Accounts payable
|
$ | 60,526 | $ | 65,026 | $ | 66,326 | ||||||
Accrued and other liabilities
|
19,232 | 16,995 | 24,828 | |||||||||
Total Current Liabilities
|
79,758 | 82,021 | 91,154 | |||||||||
Deferred lease incentives
|
21,623 | 18,426 | 16,355 | |||||||||
Accrued rent
|
8,935 | 7,475 | 7,100 | |||||||||
Deferred compensation
|
7,959 | 6,412 | 5,957 | |||||||||
Other
|
359 | 494 | 402 | |||||||||
Total Liabilities
|
118,634 | 114,828 | 120,968 | |||||||||
Total Shareholders' Equity
|
316,913 | 292,368 | 312,634 | |||||||||
Total Liabilities and Shareholders' Equity
|
$ | 435,547 | $ | 407,196 | $ | 433,602 |
Thirty-nine
Weeks Ended
November 2, 2013
|
Thirty-nine
Weeks Ended
October 27, 2012
|
|||||||
Cash flows from operating activities:
|
||||||||
Net income
|
$ | 26,273 | $ | 26,127 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
|
||||||||
Depreciation and amortization
|
12,848 | 11,800 | ||||||
Stock-based compensation
|
2,662 | 3,557 | ||||||
Loss on retirement and impairment of assets
|
489 | 485 | ||||||
Deferred income taxes
|
(264) | (2,848) | ||||||
Lease incentives
|
4,751 | 4,692 | ||||||
Other
|
668 | (734) | ||||||
Changes in operating assets and liabilities:
|
||||||||
Accounts receivable
|
(1,050) | (552) | ||||||
Merchandise inventories
|
(26,840) | (39,763) | ||||||
Accounts payable and accrued liabilities
|
(5,002) | 14,653 | ||||||
Other
|
2,449 | 760 | ||||||
Net cash provided by operating activities
|
16,984 | 18,177 | ||||||
Cash flows from investing activities:
|
||||||||
Purchases of property and equipment
|
(25,220) | (20,844) | ||||||
Proceeds from notes receivable | 200 | 200 | ||||||
Net cash used in investing activities
|
(25,020) | (20,644) | ||||||
Cash flows from financing activities:
|
||||||||
Proceeds from issuance of stock
|
226 | 2,149 | ||||||
Dividends paid | (3,650) | (2,045) | ||||||
Excess tax benefits from stock-based compensation
|
172 | 770 | ||||||
Purchase of common stock for treasury | 0 | (1,859) | ||||||
Shares surrendered by employees to pay taxes on restricted stock
|
(906) | (16) | ||||||
Net cash used in financing activities
|
(4,158) | (1,001) | ||||||
Net decrease in cash and cash equivalents
|
(12,194) | (3,468) | ||||||
Cash and cash equivalents at beginning of period
|
45,756 | 70,602 | ||||||
Cash and cash equivalents at end of period
|
$ | 33,562 | $ | 67,134 |