- Prachi Singh |
Shoe Carnival reported net sales of 300.8 million dollars for the second quarter, up by 4.6 percent, while the comparable store sales increased 12.6 percent. The company said in a statement that ecommerce sales increased 332 percent and represented more than 20 percent of total sales in the second quarter of fiscal 2020. The company added that brick-and-mortar sales were adversely impacted by Covid related closures early in the second quarter and Covid related delays in back-to-school shopping late in the quarter.
“Our customer-centric culture and exceptional operational execution enabled us to swiftly and safely welcome our loyal shoppers and new customers into our stores. At the same time, our strategic investments in technology supported sustained triple-digit growth in e-commerce sales. The positive response by both our in-store and online customers led to record quarterly revenues and comparable same store sales growth of 12.6 percent,” said Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.
Highlights of Shoe Carnival’s Q2 and H1 results
Gross profit margin for the second quarter decreased to 27.5 percent compared to 30.6 percent in the second quarter of fiscal 2019, while net income was 10.1 million dollars or 71 cents per diluted share compared to 11.8 million dollars or 80 cents per diluted share in the same quarter of 2019.
Shoe Carnival’s net sales for the first six months were 448.3 million dollars compared to 522 million dollars in the first six months of fiscal 2019, while comparable store sales decreased 14 percent for the period under review. Net loss for the first six months was 6.1 million dollars or a loss of 44 cents per diluted share compared to net income of 25.7 million dollars or 1.71 dollars per diluted share, for the first six months of fiscal 2019. The gross profit margin was 25.4 percent compared to 30.1 percent in the same period last year.
The company opened two new stores in the second quarter and closed ten stores, while during the first six-month period; the company opened two stores and closed 12 stores. The Company expects a total of four store openings and 13 store closings during fiscal 2020 compared to one store opening and six store closings in fiscal 2019.