Shoe Carnival profit dips in Q4; to open 30 stores in 2012

Evansville, Ind. -- Shoe Carnival reported Thursday that net income for the quarter ended Jan. 28 dipped to $3.3 million, from $4.4 million. Sales edged up 1.1% to $181.9 million in the quarter, and same-store sales dropped 3%.

President and CEO Mark Lemond told investors that heavy promotional activities to rid the chain of cold-weather footwear after an unseasonably warm winter had a negative impact on margins.

For the full year, the chain experienced a slight profit dip, to $26.4 million from $26.8 million in 2010. Sales increased 3.2% to $762.5 million and same-store sales increased 0.7%.

On tap for 2012 are 30 new stores, about a third of them new-market debuts in Dallas/Fort Worth and Puerto Rico. Ten stores are slated for relocation and five will be closed.

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