- Prachi Singh |
For the third quarter, Shoe Carnival, Inc. reported net sales of 274.6 million dollars, which were flat compared to the third quarter of fiscal 2019, while comparable store sales increased 0.9 percent. The company said, ecommerce sales increased over 150 percent and represented more than 13 percent of total sales in the third quarter of fiscal 2020. Gross profit margin increased to 32 percent compared to 30.9 percent, while net income for the quarter was 14.7 million dollars or 1.03 dollars per diluted share compared to 13.7 million dollars or 94 cents per diluted share.
“We achieved same store sales growth and delivered the most profitable quarter in Shoe Carnival’s history, despite the extended back-to-school season,” said Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer in a statement, adding, “Our disciplined focus on financial flexibility and the strength of our business model continue to fuel our market leading performance notwithstanding the ongoing disruption caused by the global pandemic.”
Net sales for the first nine months, the company added, were 722.9 million dollars compared to 796.7 million dollars in the first nine months of fiscal 2019, while comparable store sales decreased 8.8 percent for the first nine months of fiscal 2020. The decrease in sales was due to temporary store closures in the first half of the year due to the global pandemic. Net income for the period was 8.5 million dollars or 60 cents per diluted share compared to 39.4 million dollars or 2.66 dollars per diluted share, for the first nine months of fiscal 2019. The gross profit margin for the first nine months of fiscal 2020 was 27.9 percent compared to 30.4 percent in the same period last year.