SHOE CARNIVAL INC MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (form 10-Q) | MarketScreener

2022-12-04 09:35:22 By : Ms. Catherine Li

Factors That May Affect Future Results

Results of Operations Summary Information Safety Work Footwear

SHOE CARNIVAL INC  MANAGEMENT

Quarter Ended Of Period Opened Closed Period Change of Period Store Sales(1) April 30, 2022

store sales as a result of our omnichannel retailer strategy. We view these e-commerce sales as an extension of our physical stores.

The following table sets forth our results of operations expressed as a percentage of Net Sales for the periods indicated:

Executive Summary for Third Quarter Ended October 29, 2022

Less promotional intensity resulted in higher average selling prices, which were the primary driver for the comparable store sales increase.

Shoe Station bannered stores contributed Net Sales of $22.2 million in third quarter 2022 and $75.6 million in year-to-date 2022.

The 31.5 million Shoe Perks members as of October 29, 2022 represented an increase in new customers of 34.6% compared to third quarter 2019 and 10.4% compared to third quarter 2021. Our Shoe Perks loyalty program members now include Shoe Station, which added over 1 million customers in third quarter 2022.

Results of Operations for Third Quarter Ended October 29, 2022 Compared to Third Quarter Ended October 30, 2021

Selling, General and Administrative Expenses ("SG&A")

Results of Operations Year-to-Date Through October 29, 2022 Compared to Year-to-Date Through October 30, 2021

year-to-date 2022, partially offset by Net Sales attributable to new stores, mostly the Shoe Station stores. E-commerce sales were approximately 9% of merchandise sales in year-to-date 2022, compared to 11% in year-to-date 2021.

Selling, General and Administrative Expenses

The effective income tax rate was 25.1% for both year-to-date 2022 and year-to-date 2021.

Cash Flow - Operating Activities

Cash Flow - Investing Activities

Our cash outflows for investing activities are normally for capital expenditures. During year-to-date 2022 and 2021, we expended $63.6 million and $20.4 million, respectively, for the purchase of property and equipment, primarily related to our store portfolio modernization plan.

Cash Flow - Financing Activities

The terms "net worth", "consolidated interest coverage ratio", "consolidated funded indebtedness", "consolidated rental expense", "consolidated EBITDA", "base rate" and "Adjusted Term SOFR" are defined in the New Credit Agreement.

SHOE CARNIVAL INC  MANAGEMENT

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