Date of Report (Date of earliest event reported)
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March 18, 2015
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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 – Fiscal Year and Fourth Quarter Ended January 31, 2015.
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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: March 18, 2015
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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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·
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Net sales increased $27.3 million to $227.6 million, compared to the fourth quarter of fiscal 2013
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·
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Comparable store sales increased 9.5 percent in the fourth quarter of fiscal 2014, exceeded the Company’s guidance for the quarter
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·
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Earnings per diluted share were $0.15, exceeded the Company’s guidance for the quarter
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·
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Per-store inventories were down 5.0 percent at the end of the quarter, compared to the fourth quarter of fiscal 2013
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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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7
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1
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||
4th quarter 2014
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1
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5
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Fiscal year 2014
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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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||
Philadelphia, PA
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Philadelphia
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2
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Thirteen
Weeks Ended
January 31, 2015
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Thirteen
Weeks Ended
February 1, 2014
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Fifty-two
Weeks Ended
January 31, 2015
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Fifty-two
Weeks Ended
February 1, 2014
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|||||||||
Net sales
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$ | 227,632 | $ | 200,311 | $ | 940,162 | $ | 884,785 | ||||
Cost of sales (including buying, | ||||||||||||
distribution and occupancy costs)
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162,519 | 143,129 | 666,483 | 625,468 | ||||||||
Gross profit
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65,113 | 57,182 | 273,679 | 259,317 | ||||||||
Selling, general and administrative | ||||||||||||
expenses
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60,525 | 56,134 | 231,826 | 215,650 | ||||||||
Operating income
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4,588 | 1,048 | 41,853 | 43,667 | ||||||||
Interest income
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(3) | (4) | (14) | (12) | ||||||||
Interest expense
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41 | 41 | 165 | 173 | ||||||||
Income before income taxes
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4,550 | 1,011 | 41,702 | 43,506 | ||||||||
Income tax expense
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1,575 | 413 | 16,175 | 16,635 | ||||||||
Net income
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$ | 2,975 | $ | 598 | $ | 25,527 | $ | 26,871 | ||||
Net income per share:
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||||||||||||
Basic
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$ | 0.15 | $ | 0.03 | $ | 1.27 | $ | 1.33 | ||||
Diluted
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$ | 0.15 | $ | 0.03 | $ | 1.27 | $ | 1.32 | ||||
Weighted average shares: | ||||||||||||
Basic | 19,576 | 19,949 | 19,777 | 19,926 | ||||||||
Diluted | 19,590 | 19,949 | 19,791 | 19,947 | ||||||||
Cash dividends declared per share | $ | 0.06 | $ | 0.06 | $ | 0.24 | $ | 0.24 |
January 31,
2015
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February 1,
2014
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|||||||
ASSETS
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||||||||
Current Assets:
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||||||||
Cash and cash equivalents
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$ | 61,376 | $ | 48,253 | ||||
Accounts receivable | 2,928 | 4,337 | ||||||
Merchandise inventories
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287,877 | 284,801 | ||||||
Deferred income taxes
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957 | 1,208 | ||||||
Other
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5,991 | 3,916 | ||||||
Total Current Assets
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359,129 | 342,515 | ||||||
Property and equipment-net
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101,294 | 90,193 | ||||||
Deferred income taxes | 4,227 | 3,426 | ||||||
Other noncurrent assets
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366 | 717 | ||||||
Total Assets
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$ | 465,016 | $ | 436,851 | ||||
LIABILITIES AND SHAREHOLDERS' EQUITY
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||||||||
Current Liabilities:
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||||||||
Accounts payable
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$ | 67,999 | $ | 62,671 | ||||
Accrued and other liabilities
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15,123 | 14,988 | ||||||
Total Current Liabilities
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83,122 | 77,659 | ||||||
Deferred lease incentives
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29,908 | 24,430 | ||||||
Accrued rent
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10,505 | 9,224 | ||||||
Deferred compensation
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9,901 | 8,232 | ||||||
Other
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382 | 434 | ||||||
Total Liabilities
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133,818 | 119,979 | ||||||
Total Shareholders' Equity
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331,198 | 316,872 | ||||||
Total Liabilities and Shareholders' Equity
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$ | 465,016 | $ | 436,851 |
Fifty-two
Weeks Ended
January 31, 2015
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Fifty-two
Weeks Ended
February 1, 2014
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|||||||
Cash flows from operating activities:
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||||||||
Net income
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$ | 25,527 | $ | 26,871 | ||||
Adjustments to reconcile net income to net cash provided by operating activities:
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||||||||
Depreciation and amortization
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20,063 | 17,428 | ||||||
Stock-based compensation
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1,064 | 3,295 | ||||||
Loss on retirement and impairment of assets
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1,104 | 1,180 | ||||||
Deferred income taxes
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(550) | (721) | ||||||
Lease incentives
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8,307 | 8,112 | ||||||
Other
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(1,070) | 405 | ||||||
Changes in operating assets and liabilities:
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||||||||
Accounts receivable
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1,409 | (2,135) | ||||||
Merchandise inventories
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(3,076) | (12,519) | ||||||
Accounts payable and accrued liabilities
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6,838 | (4,158) | ||||||
Other
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(1,962) | 862 | ||||||
Net cash provided by operating activities
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57,654 | 38,620 | ||||||
Cash flows from investing activities:
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||||||||
Purchases of property and equipment
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(33,543) | (30,966) | ||||||
Proceeds from sale of property and equipment | 836 | 0 | ||||||
Proceeds from notes receivable | 250 | 200 | ||||||
Net cash used in investing activities
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(32,547) | (30,766) | ||||||
Cash flows from financing activities:
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||||||||
Proceeds from issuance of stock
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287 | 278 | ||||||
Dividends paid | (4,828) | (4,867) | ||||||
Excess tax benefits from stock-based compensation
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55 | 185 | ||||||
Purchase of common stock for treasury | (7,533) | 0 | ||||||
Shares surrendered by employees to pay taxes on restricted stock
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(55) | (953) | ||||||
Net cash used in financing activities
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(12,074) | (5,357) | ||||||
Net increase in cash and cash equivalents
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13,123 | 2,497 | ||||||
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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$ | 61,376 | $ | 48,253 |