Press release
Shoe Carnival Reports First Quarter Fiscal 2023 Results
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Shoe Carnival, Inc. (Nasdaq: SCVL) (the "Company"), a leading retailer of footwear and accessories for the family, today
About this update from Shoe Carnival, Inc.
[{"type":"text","content":" EVANSVILLE, Ind.--(BUSINESS WIRE)--\nShoe Carnival, Inc. (Nasdaq: SCVL) (the \"Company\"), a leading retailer of footwear and accessories for the family, today reported results for the first quarter ended April 29, 2023.\n\n\nHighlights\n\n\n\nCustomer count accelerated to a record high 32.7 million loyalty members, up 12 percent versus prior year.\n\n\n\nCustomer conversion climbed to highest level in 7 consecutive quarters.\n\n\n\nNet sales declined 11.4 percent on lower traffic.\n\n\n\nGross profit margin exceeded 35 percent for the 9th consecutive quarter.\n\n\n\nAnnual guidance is updated, reflective of first quarter results and consumer trends.\n\n\n\nUnfavorable weather and persistent consumer pressure from both inflation and lower federal tax refunds negatively impacted first quarter 2023 traffic. Top-line sales and bottom-line earnings in first quarter 2023 were at the lower end of Company expectations, but still ranked near the top of any first quarter in Company history. Today, the Company is providing updated annual guidance, reflective of first quarter results and consumer trends.\n\n\n“Despite the slower than expected start to 2023, our customer base grew at the fastest pace of the last three years, climbing to a record high of 32.7 million members at quarter end. With the continued strategic growth of our CRM and digital platforms, we now reach a critical mass of American households, engaging with approximately 1 out of every 8 adults ongoing, growth of nearly 65 percent from just five years ago. I am most pleased our instore shopping experience is continuing to drive high conversion, and we once again captured market share growth within this challenging economic backdrop,” said Mark Worden, President and Chief Executive Officer.\n\n\n“As we move into summer and our most important back-to-school season, we are positioned well for continued market share growth, inventory improvement, and rapid cash generation. Our industry leading merchant team and strategic partners have delivered a compelling product assortment, and our athletic inventory position is sharply improved versus the prior year position. With these customer, instore experience and inventory improvements, we are ready to fuel sales acceleration once the broader economic conditions improve,” concluded Mr. Worden.\n\n\nOperating Results\n\n\nFirst quarte...