“2019 was another record year for Shoe Carnival, as we exceeded our sales and earnings expectations, while extending our leadership position in the family footwear segment. 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,” commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.

Fourth Quarter Results

Shoe Carnival reported net sales of 239.9 million US dollars for the fourth quarter of fiscal 2019, a 2.2% increase compared to net sales of 234.7 million US dollars for the fourth quarter of fiscal 2018. Comparable store sales increased by 3.2% for the fourth quarter of fiscal 2019. Net income for the fourth quarter of fiscal 2019 was 3.5 million US dollars (0.24 US dollars per diluted share). For the fourth quarter of fiscal 2018, Shoe Carnival reported net income of 1.4 million US dollars (0.09 US dollars per diluted share).

Fiscal Year 2019

Net sales during fiscal 2019 increased 6.9 million US dollars to a record 1.037 billion US dollars. Comparable store sales for fiscal 2019 increased by 1.9%. Net income for fiscal 2019 was 42.9 million US dollars, or 2.92 US dollars per diluted share, compared to net income of 38.1 million US dollars, or 2.45 US dollars per diluted share, in fiscal 2018.

Store Count

Shoe Carnival opened one store and closed six stores during fiscal 2019 compared to three store openings and 14 store closings in fiscal 2018.

Covid-19

“Last week, we made the difficult decision to close our stores until the 2^nd of April 2020. As the COVID-19 pandemic upends our daily lives, the health and safety of our employees, our customers, and our communities are our primary concern. For now, we continue to serve our loyal customers through our website, www.shoecarnival.com, and our mobile app”, concluded Sifford.