Shoe Carnival, a US-based family footwear retailer, has reported 41.9 per cent sales decrease to $147.5 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $253.8 million in same period prior year. Company reported a net loss of $16.1 million during the quarter compared to net income of $13.8 million in same period prior year.
Shoe Carnival, a US-based family footwear retailer, has reported 41.9 per cent sales decrease to $147.5 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $253.8 million in same period prior year. Company reported a net loss of $16.1 million during the quarter compared to net income of $13.8 million in same period prior year.#
Shoe Carnival, a US-based family footwear retailer, has reported 41.9 per cent sales decrease to $147.5 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $253.8 million in same period prior year. Company reported a net loss of $16.1 million during the quarter compared to net income of $13.8 million in same period prior year.#
“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 per cent of our stores, which are delivering sales above our expectations,” Cliff Sifford, Shoe Carnival’s vice chairman and chief executive officer, said in a press release.
Shoe Carnival, a US-based family footwear retailer, has reported 41.9 per cent sales decrease to $147.5 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $253.8 million in same period prior year. Company reported a net loss of $16.1 million during the quarter compared to net income of $13.8 million in same period prior year.#
Gross profit during Q1 FY20 were $31.4 million (Q1 FY19: $75.1 million). Selling, general and administrative expenses were $54.7 million ($59.5 million). Company reported operating loss of $23.2 million compared to operating income of $15.6 million in same period prior year.
Shoe Carnival, a US-based family footwear retailer, has reported 41.9 per cent sales decrease to $147.5 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $253.8 million in same period prior year. Company reported a net loss of $16.1 million during the quarter compared to net income of $13.8 million in same period prior year.#
Shoe Carnival began re-opening stores in late-April, and by May 5, 2020, over 50 per cent of stores were re-opened in states where stay-at-home orders were relaxed or cancelled. As of May 20, 2020, 318 stores are open, which represents 82 per cent of store locations. The company suggested in the release that it expects to have over 95 per cent of stores open by the second week of June.
Shoe Carnival, a US-based family footwear retailer, has reported 41.9 per cent sales decrease to $147.5 million in first quarter (Q1) FY20 ended on May 2, 2020 compared to sales of $253.8 million in same period prior year. Company reported a net loss of $16.1 million during the quarter compared to net income of $13.8 million in same period prior year.#
“These are unprecedented times, but Shoe Carnival’s customer-centric culture, dedicated workforce, brand strength and business model resilience will enable us to emerge stronger as a leader in the family footwear segment,” Sifford said.
Fibre2Fashion News Desk (JL)
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