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Shoe Carnival with record quarterly net sales and net income

Mar 25, 2021 United States
Shoe Carnival with record quarterly net sales and net income
The Indiana-based retailer of footwear and accessories reported results for the fourth quarter and fiscal year ended on the 30th of January 2021. Shoe Carnival announced record quarterly net sales, net income and diluted net income per share
“Our exceptional results for fiscal year 2020 were achieved thanks to the resiliency and dedication of the Shoe Carnival team, the unwavering support of our loyal customers, and our ongoing partnership with vendors. (...) With consumer shopping habits upended by the pandemic, our team quickly shifted to meet customer needs by exponentially growing our e-commerce business and re-opening our stores safely by early June (...) As we enter 2021, we remain financially strong and will leverage the invaluable knowledge we have gained to navigate through a changing dynamic. To date, our fiscal first quarter 2021 results are shaping up to show continued momentum and are on track for record first quarter sales and earnings. We remain focused on maintaining our financial flexibility and expanding market share, while placing an added emphasis on our merchandising strategy and in-store experience. In addition, we will continue to enhance our e-commerce capabilities, delivering growth well ahead of our previous expectations. With so much great work being done, I am looking forward to another strong year for the Shoe Carnival team”, commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.

Fourth Quarter Results

Shoe carnival reported net sales of 253.9 million US dollars for the fourth quarter of fiscal 2020, a 5.8% increase compared to net sales of 239.9 million US dollars for the fourth quarter of fiscal 2019. Comparable store sales increased by 6.4% for the fourth quarter of fiscal 2020. "The timing of the sales increase during the fourth quarter correlated with issuance of government stimulus toward the end of calendar year 2020", the company commented.

Net income for the fourth quarter of fiscal 2020 was 7.4 million US dollars, or 0.52 US dollars per diluted share. For the fourth quarter of fiscal 2019, the company reported net income of 3.5 million US dollars, or 0.24 US dollars per diluted share.

Fiscal Year 2020 Results

Net sales during fiscal 2020 decreased 59.8 million to 976.8 million US dollars. This included a 106.3 million year-over-year decrease in first quarter net sales resulting from the temporary closure of the company’s physical stores due to the global pandemic, followed by a cumulative increase in sales over the remainder of the fiscal year. Ecommerce sales increased by 175% compared to fiscal 2019 and represented approximately 19% of net sales in fiscal 2020. Overall, comparable store sales declined by 5.3% in fiscal 2020, comprised of a 42.3% decline in the first quarter, followed by a 6.9% cumulative increase over the remainder of the fiscal year.

Net income for fiscal 2020 reached 16.0 million US dollars, or 1.12 US dollars per diluted share, compared to net income of 42.9 million US dollars, or 2.92 US dollars per diluted share, in fiscal 2019.

Image credits: Corinne Kutz on Unsplash

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