Shoe Carnival, Inc. a leading retailer of moderately priced footwear and accessories, today provided a business update following the re-opening of its stores amid the global COVID-19 pandemic.
As of June 22, 2020, the Company has re-opened all but one of its 390 stores across the U.S. and Puerto Rico. For the fiscal second quarter-to-date, Shoe Carnival has experienced stronger than expected sales with comparable store sales up 28.1% compared to the prior year, with brick and mortar comparable sales up 4.0% and e-commerce comparable sales increasing nearly 470%.
While the Company is encouraged by the strong sales performance quarter-to-date, it does anticipate gross margin headwinds for the fiscal second quarter 2020 as a result of mix and increased shipping charges associated with higher e-commerce sales.
“The first half of fiscal 2020 ushered in an unprecedented operating landscape for our business. We pivoted quickly to protect the health and safety of our employees and customers, which has supported the successful, gradual re-opening of our stores since late-April. As we have slowly re-emerged with heightened safety procedures, we have welcomed back our customers to stores, and as a result, fiscal second quarter-to-date sales have exceeded our expectations. While there are still many unknowns, we are encouraged by these more than positive sales trends and remain committed to meeting our customers’ footwear needs and positioning Shoe Carnival as a leader in the family footwear segment,” commented Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.
Shoe Carnival does not plan to provide preliminary financial results in the future other than in unique circumstances, or in the event of material event that requires disclosure. Members of management will be having virtual meetings with the investment community over the next several weeks. Shoe Carnival will provide more details on its fiscal second quarter 2020 financial performance during its earnings call in August 2020.
