Date of Report (Date of earliest event reported)
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May 22, 2014
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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 – First Quarter Ended May 3, 2014.
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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: May 22, 2014
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By:
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/s/ W. Kerry Jackson
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W. Kerry Jackson
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|||
Senior Executive Vice President
Chief Operating and Financial Officer and Treasurer
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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
Senior Executive Vice President,
Chief Operating and Financial Officer and Treasurer
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FOR IMMEDIATE RELEASE
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New Stores
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Stores Closings
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|||
1st Quarter 2014
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7
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1
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||
2nd Quarter 2014
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16
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0
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3rd Quarter 2014
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0
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0
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||
4th Quarter 2014
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7 - 12
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0
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Fiscal year 2014
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30 - 35
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1
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City |
Market
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Total Stores in the Market
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||
Grandville, MI
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Grand Rapids
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5
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||
Lansing, MI
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Lansing
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2
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||
Michigan City, IN | Chicago | 23 | ||
Novi, MI | Detroit | 3 | ||
Troy, MI | Detroit | 3 | ||
Vernon Hills, IL | Chicago | 23 | ||
Westfield, IN | Indianapolis | 11 |
Thirteen
Weeks Ended
May 3, 2014
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Thirteen
Weeks Ended
May 4, 2013
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||||||
Net sales
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$ | 235,770 | $ | 232,287 | |||
Cost of sales (including buying, | |||||||
distribution and occupancy costs)
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166,188 | 163,674 | |||||
Gross profit
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69,582 | 68,613 | |||||
Selling, general and administrative | |||||||
expenses
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54,373 | 53,367 | |||||
Operating income
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15,209 | 15,246 | |||||
Interest income
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(6) | (2) | |||||
Interest expense
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42 | 50 | |||||
Income before income taxes
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15,173 | 15,198 | |||||
Income tax expense
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6,022 | 5,679 | |||||
Net income
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$ | 9,151 | $ | 9,519 | |||
Net income per share:
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|||||||
Basic
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$ | 0.45 | $ | 0.47 | |||
Diluted
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$ | 0.45 | $ | 0.47 | |||
Weighted average shares: | |||||||
Basic | 19,960 | 19,877 | |||||
Diluted | 19,978 | 19,897 | |||||
Cash dividends declared per share | $ | 0.06 | $ | 0.06 |
May 3,
2014
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February 1,
2014
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May 4,
2013
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||||||||||
ASSETS
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||||||||||||
Current Assets:
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||||||||||||
Cash and cash equivalents
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$ | 41,254 | $ | 48,253 | $ | 34,122 | ||||||
Accounts receivable | 2,848 | 4,337 | 2,525 | |||||||||
Merchandise inventories
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289,644 | 284,801 | 276,358 | |||||||||
Deferred income taxes
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1,029 | 1,208 | 2,959 | |||||||||
Other
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11,403 | 3,916 | 10,012 | |||||||||
Total Current Assets
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346,178 | 342,515 | 325,976 | |||||||||
Property and equipment-net
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93,524 | 90,193 | 80,154 | |||||||||
Deferred income taxes | 5,287 | 3,426 | 1,353 | |||||||||
Other noncurrent assets
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683 | 717 | 855 | |||||||||
Total Assets
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$ | 445,672 | $ | 436,851 | $ | 408,338 | ||||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||||||
Current Liabilities:
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||||||||||||
Accounts payable
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$ | 54,231 | $ | 62,671 | $ | 53,037 | ||||||
Accrued and other liabilities
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22,085 | 14,988 | 20,133 | |||||||||
Total Current Liabilities
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76,316 | 77,659 | 73,170 | |||||||||
Deferred lease incentives
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25,072 | 24,430 | 18,793 | |||||||||
Accrued rent
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9,618 | 9,224 | 7,881 | |||||||||
Deferred compensation
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8,759 | 8,232 | 7,101 | |||||||||
Other
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223 | 434 | 485 | |||||||||
Total Liabilities
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119,988 | 119,979 | 107,430 | |||||||||
Total Shareholders' Equity
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325,684 | 316,872 | 300,908 | |||||||||
Total Liabilities and Shareholders' Equity
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$ | 445,672 | $ | 436,851 | $ | 408,338 |
Thirteen
Weeks Ended
May 3, 2014
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Thirteen
Weeks Ended
May 4, 2013
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|||||||
Cash flows From Operating Activities:
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||||||||
Net income
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$ | 9,151 | $ | 9,519 | ||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
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||||||||
Depreciation and amortization
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4,646 | 4,118 | ||||||
Stock-based compensation
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786 | 957 | ||||||
Loss on retirement and impairment of assets
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71 | 160 | ||||||
Deferred income taxes
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(1,682) | (399) | ||||||
Lease incentives
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1,104 |
734
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||||||
Other
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26 | 407 | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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1,489 | (373) | ||||||
Merchandise inventories
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(4,843) | (4,076) | ||||||
Accounts payable and accrued liabilities
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(7,730) | (13,718) | ||||||
Other
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(136) | (118) | ||||||
Net cash provided by (used in) operating activities
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2,882 | (2,789) | ||||||
Cash Flows From Investing Activities:
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||||||||
Purchases of property and equipment
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(8,794) | (6,935) | ||||||
Net cash used in investing activities
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(8,794) | (6,935) | ||||||
Cash Flows From Financing Activities:
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||||||||
Proceeds from issuance of stock
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96 | 66 | ||||||
Dividends paid | (1,219) | (1,216) | ||||||
Excess tax benefits from stock-based compensation
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42 | 141 | ||||||
Shares surrendered by employees to pay taxes on restricted stock
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(6) | (901) | ||||||
Net cash used in financing activities
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(1,087) | (1,910) | ||||||
Net decrease in cash and cash equivalents
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(6,999) | (11,634) | ||||||
Cash and cash equivalents at beginning of period
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48,253 | 45,756 | ||||||
Cash and Cash Equivalents at End of Period
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$ | 41,254 | $ | 34,122 |