Shoe Carnival returns to Q1 profit, sales jump

Shoe Carnival returns to Q1 profit, sales jump

Image: Shoe Carnival, Facebook

Shoe Carnival reported net sales of 328.5 million dollars for the first quarter of fiscal 2021, a 122.7 percent increase compared to the first quarter of fiscal 2020. Net income was 43.2 million dollars or 3.02 dollars per diluted share compared to net loss of 16.2 million dollars or a loss of 1.16 dollars per diluted share in the same quarter of 2020.

“Once again, the Shoe Carnival team delivered another record-breaking quarter, achieving the highest sales, margin, and EPS results in our history. Our relentless focus will remain on continuing to deliver the right product, service and overall customer experience,” said Cliff Sifford, Shoe Carnival’s vice chairman and CEO in a statement.

Shoe Carnival’s gross profit margin for the quarter increased 18.3 percentage points to 39.6 percent compared to 21.3 percent in the prior year.

Based on second-quarter results to date and expected continued strength in gross profit margin for the remainder of the quarter, the company currently anticipates diluted net income per share in the range of 1 dollars to 1.20 dollars and net sales in the range of 268 million dollars to 278 million dollars.

Shoe Carnival did not open any new stores during the quarter under review but six stores were closed. The company expects to open one store and close two additional stores during the remainder of fiscal 2021.