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Shoe Carnival: second quarter exceeds expectations

Jun 25, 2020 United States
Shoe Carnival: second quarter exceeds expectations
The Indiana-based retailer of footwear and accessories provided a business update following the re-opening of its stores amid the global COVID-19 pandemic
“The first half of fiscal 2020 ushered in an unprecedented operating landscape for our business. We pivoted quickly to protect the health and safety of our employees and customers, which has supported the successful, gradual re-opening of our stores since late-April. As we have slowly re-emerged with heightened safety procedures, we have welcomed back our customers to stores, and as a result, fiscal second quarter-to-date sales have exceeded our expectations. While there are still many unknowns, we are encouraged by these more than positive sales trends and remain committed to meeting our customers’ footwear needs and positioning Shoe Carnival as a leader in the family footwear segment”, commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.

As of the 22nd of June, the company has re-opened all but one of its 390 stores across the US and Puerto Rico. For the fiscal second quarter-to-date, Shoe Carnival has experienced stronger than expected sales with comparable store sales up by 28.1% compared to the prior year, with brick and mortar comparable sales up by 4.0% and e-commerce comparable sales increasing by nearly 470%.

Shoe Carnival does not plan to provide preliminary financial results in the future other than in unique circumstances, or in the event of material event that requires disclosure. Members of management will be having virtual meetings with the investment community over the next several weeks.

Image credits: Dieter de Vroomen on Unsplash

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