- Prachi Singh |
Shoe Carnival, Inc. reported net sales of 239.9 million dollars for the fourth quarter, a 2.2 percent increase over the same quarter of fiscal 2018, while comparable store sales increased 3.2 percent. Gross profit margin for the quarter increased to 29.1 percent compared to 28.4 percent, while net income was 3.5 million dollars or 24 cents per diluted share compared to 1.4 million dollars or 9 cents per diluted share for the fourth quarter of fiscal 2018.
“2019 was another record year for Shoe Carnival, as we exceeded our sales and earnings expectations. In addition, we delivered the eleventh consecutive year of comparable same store sales growth, driven in large part by strong performance in non-athletic footwear and accessories,” said Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer in a statement.
Fiscal 2019 comparable sales increase 1.9 percent
Net sales during fiscal 2019, the company said, increased 6.9 million to a 1.037 billion dollars, while comparable store sales increased 1.9 percent. Net income for the year was 42.9 million dollars or 2.92 dollars per diluted share, compared to 38.1 million dollars or 2.45 dollars per diluted share, in fiscal 2018, while gross profit margin was 30.1 percent compared to 30.0 percent in fiscal 2018.
The company opened one store and closed six stores during fiscal 2019 compared to three store openings and 14 store closings in fiscal 2018.
“Last week, we made the difficult decision to close our stores until April 2, 2020. From a corporate standpoint, our strong balance sheet and prudent expense management provides us the financial flexibility to keep our steady footing during this challenging economic time. In addition, our long-standing vendor relationships and proven history of good inventory management enables us to remain agile,” added Sifford.