Shoe Carnival posts Q2 FY20 sales of $301 mn

Shoe Carnival, a US-based retailer of moderately priced footwear and accessories, has announced its second quarter (Q2) results for the fiscal 2020 ended on August 1. Net sales for the quarter rose to $300.7 million compared to sales of $268.2 million in Q2 FY19. Company’s net income for the quarter dropped to $10.0 million (Q2 FY19: $11.8 million).

 

Shoe Carnival, a US-based retailer of moderately priced footwear and accessories, has announced its second quarter (Q2) results for the fiscal 2020 ended on August 1. Net sales for the quarter rose to $300.7 million compared to sales of $268.2 million in Q2 FY19. Company's net income for the quarter dropped to $10.0 million (Q2 FY19: $11.8 million).#

Gross profit for the quarter remained stagnant to $82.6 million ($82.0 million). Selling, general and administrative expenses for the quarter were $68.2 million ($66.4 million). 

 

Shoe Carnival, a US-based retailer of moderately priced footwear and accessories, has announced its second quarter (Q2) results for the fiscal 2020 ended on August 1. Net sales for the quarter rose to $300.7 million compared to sales of $268.2 million in Q2 FY19. Company's net income for the quarter dropped to $10.0 million (Q2 FY19: $11.8 million).#

“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,” Cliff Sifford, Shoe Carnival’s vice chairman and chief executive officer, said in a press release. 

 

Shoe Carnival, a US-based retailer of moderately priced footwear and accessories, has announced its second quarter (Q2) results for the fiscal 2020 ended on August 1. Net sales for the quarter rose to $300.7 million compared to sales of $268.2 million in Q2 FY19. Company's net income for the quarter dropped to $10.0 million (Q2 FY19: $11.8 million).#

During the reported period, company reopened two new stores while ten stores were closed.

 

Shoe Carnival, a US-based retailer of moderately priced footwear and accessories, has announced its second quarter (Q2) results for the fiscal 2020 ended on August 1. Net sales for the quarter rose to $300.7 million compared to sales of $268.2 million in Q2 FY19. Company's net income for the quarter dropped to $10.0 million (Q2 FY19: $11.8 million).#

“The Covid pandemic has undoubtedly created significant uncertainty across the US 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,” Sifford said. 

 

Shoe Carnival, a US-based retailer of moderately priced footwear and accessories, has announced its second quarter (Q2) results for the fiscal 2020 ended on August 1. Net sales for the quarter rose to $300.7 million compared to sales of $268.2 million in Q2 FY19. Company's net income for the quarter dropped to $10.0 million (Q2 FY19: $11.8 million).#

“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,” Sifford said.