Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer commented: “We are pleased our financial results for the second quarter were in line with our expectations and we believe we remain well positioned to achieve our annual outlook. Comparable store sales through the first three weeks of August are up by 3.5% compared to a 6.5% increase for the full month of August last year. Our team continues to focus on the execution of our strategic initiatives in the second half of fiscal 2019 as we build upon our strong foundation for sustainable long term growth and shareholder value creation.”

Shoe Carnival reported net sales of 268.2 million US dollars for the second quarter of fiscal 2019, a 0.1% decrease compared to net sales of 268.4 million US dollars for the second quarter of fiscal 2018. Comparable store sales increased by 1.4% for the second quarter of fiscal 2019.

Gross profit margin for the second quarter of fiscal 2019 decreased by 0.6 percent to 30.6% compared to 31.2% in the second quarter of fiscal 2018.

Net income for the second quarter of fiscal 2019 totalled 11.8 million US dollars, or 0.80 US dollars per diluted share, which compared to 11.8 million US dollars or 0.76 US dollars per diluted share, in similar period in 2018.

Net sales for the first six months of fiscal 2019 decreased 3.8 million US dollars to 522.0 million US dollars compared to the first six months of fiscal 2018. Comparable store sales increased by 0.6% for the first six months of fiscal 2019.

Net earnings for the first six months of fiscal 2019 were 25.7 million US dollars, or 1.71 US dollars per diluted share, compared to net earnings of 24.7 million US dollars, or 1.59 US dollars per diluted share, in the first six months of fiscal 2018.

Shoe Carnival expects to open one store and close six stores during fiscal 2019 compared to opening three stores and closing 14 stores during fiscal 2018.

Image credits: Austin Distel on Unsplash