Press release
Shoe Carnival Reports Second Quarter Fiscal 2020 Results
Reports Record Quarterly Net Sales Reports Comparable Store Sales Increase of 12.6 Percent Provides Business Update on COVID-19 and Back-to-School
About this update from Shoe Carnival, Inc.
[{"type":"text","content":"\nReports Record Quarterly Net Sales\n\n\nReports Comparable Store Sales Increase of 12.6 Percent\n\n\nProvides Business Update on COVID-19 and Back-to-School \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 second quarter and six months ended August 1, 2020 and provided a business update on COVID-19.\n\n\nSecond Quarter Highlights\n\n\n\nNet sales were an all-time quarterly record $300.8 million\n\n\nNet income was $10.1 million, or $0.71 per diluted share\n\n\nAll brick-and-mortar stores reopened by the end of the second quarter after being closed on March 19, 2020 due to COVID-19\n\n\nComparable store sales increased 12.6 percent\n\n\nE-commerce sales increased 332 percent\n\n\nDuring the quarter Shoe Perks customer loyalty membership surpassed 25 million members\n\n\nAs of August 1, 2020, cash and cash equivalents were $76.9 million and no cash borrowings were outstanding on the Company’s $100 million line of credit\n\n\n\n“The strength of our team was on full display during the second fiscal quarter. Our customer-centric culture and exceptional operational execution enabled us to swiftly and safely welcome our loyal shoppers and new customers into our stores. At the same time, our strategic investments in technology supported sustained triple-digit growth in e-commerce sales. The positive response by both our in-store and online customers led to record quarterly revenues and comparable same store sales growth of 12.6 percent. We also achieved an important milestone surpassing 25 million Shoe Perks loyalty members,” commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.\n\n\n“The COVID pandemic has undoubtedly created significant uncertainty across the U.S. which has shifted our typical back-to-school season. Nearly all schools within the markets we operate in have, at a minimum, delayed their start dates. Despite this, we continue to see our customers shop Shoe Carnival for their back-to-school needs. Given the shift in the back-to-school season, we anticipate that the majority of the volume we typically see in August will shift later into our third quarter extending the back-to-school season through the end of October. As we look forward, we remain focuse...