Press release
Shoe Carnival Reports First Quarter Fiscal 2020 Results
Provides Business Update on COVID-19 EVANSVILLE, Ind.--(BUSINESS WIRE)-- Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of moderately
About this update from Shoe Carnival, Inc.
[{"type":"text","content":"\nProvides Business Update on COVID-19\n\n EVANSVILLE, Ind.--(BUSINESS WIRE)--\nShoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of moderately priced footwear and accessories, today reported results for the first quarter ended May 2, 2020 and provided a business update on COVID-19.\n\n\nFirst Quarter Highlights\n\n\n\nNet sales were $147.5 million for the quarter\n\n\nNet loss was $16.2 million, or a loss of $1.16 per diluted share, for the quarter\n\n\nAll stores closed effective March 19, 2020 as a result of the COVID-19 pandemic; between late- April and May 5, 2020, over 50 percent of stores re-opened in states that relaxed or cancelled stay-at-home orders\n\n\nNo employees were furloughed during the quarter\n\n\nComparable store sales increased 3.9 percent through March 12, 2020 prior to when the Company began experiencing the effects of COVID-19, but decreased 42.3 percent for the entirety of the quarter\n\n\nE-commerce sales increased over 160 percent for the quarter, and for the time period the brick-and-mortar stores were closed, e-commerce sales increased over 350 percent\n\n\nAs of May 2, 2020, cash and cash equivalents were $13.1 million and no cash borrowings were outstanding on the Company’s recently amended $100 million line of credit\n\n\n\n“Our customers and the entire organization were challenged during the first fiscal quarter of 2020 as, together, we navigated uncharted waters as the COVID-19 virus engulfed the country in mid-March. In this trying time, the commitment and dedication of our team really shined through, and I could not be prouder. We continued to serve our loyal customers through our e-commerce platform, which resulted in triple-digit sales increases, while at the same time, we made swift decisions to ensure we mitigated the impact of this global pandemic on our business,” commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.\n\n\n“We are thrilled that, as of late-April, we are once again serving our customers in-person at our stores. As of today, we have successfully re-opened over 80 percent of our stores, which are delivering sales above our expectations. While many unknowns remain, we are taking the necessary steps to ensure we are well-positioned to address our customers’ summer footwear needs. These are unprecedented times, but Shoe Carniv...