Shoe Carnival, a US-based retailer of footwear, posted 10.5 per cent sales increase to $332.2 million in second quarter (Q2) of FY21 ended on July 31, 2021. The growth was attributed to broad-based demand for the company’s product offerings, a normalised beginning to the back-to-school season, improving macroeconomic factors in the US and the easing of COVID-19 restrictions.
Shoe Carnival, a retailer of footwear, posted 10.5 per cent sales increase to $332.2 million in second quarter (Q2) of FY21 ended on July 31, 2021. The growth was attributed to broad-based demand for the company's product offerings, a normalised beginning to back-to-school season, improving macroeconomic factors in US and the easing of COVID-19 restrictions.#
“Our best in class merchandising strategy, innovative store operations and powerful data analytics derived from our CRM programme continued to drive outstanding financial results and increases in new customer acquisition. Our business fundamentals are the strongest they have ever been, which gives us the confidence to lean forward and aggressively plan for continued growth through the remainder of the year,” Cliff Sifford, vice chairman and chief executive officer at Shoe Carnival, said in a press release.
Shoe Carnival, a retailer of footwear, posted 10.5 per cent sales increase to $332.2 million in second quarter (Q2) of FY21 ended on July 31, 2021. The growth was attributed to broad-based demand for the company's product offerings, a normalised beginning to back-to-school season, improving macroeconomic factors in US and the easing of COVID-19 restrictions.#
The company’s gross profit for second quarter rose to $135.7 million ($82.6 million), whereas operating income surged to $59.7 million ($14.3 million). Net income in the three-month period expanded to $44.2 million ($10.0 million).
Shoe Carnival, a retailer of footwear, posted 10.5 per cent sales increase to $332.2 million in second quarter (Q2) of FY21 ended on July 31, 2021. The growth was attributed to broad-based demand for the company's product offerings, a normalised beginning to back-to-school season, improving macroeconomic factors in US and the easing of COVID-19 restrictions.#
“The Shoe Carnival team delivered spectacular results, posting record sales and EPS growth, which included our highest operating profit on record, during the fiscal second quarter,” Mark Worden, president and incoming chief executive officer at Shoe Carnival said. “This momentum has continued through the first three weeks of August, with comparable store sales increasing 23 per cent and product margins increasing nearly 11 percentage points when compared to August 2019.”
Shoe Carnival, a retailer of footwear, posted 10.5 per cent sales increase to $332.2 million in second quarter (Q2) of FY21 ended on July 31, 2021. The growth was attributed to broad-based demand for the company's product offerings, a normalised beginning to back-to-school season, improving macroeconomic factors in US and the easing of COVID-19 restrictions.#
Based on the strong foundation in the first-half, the American family footwear retailer anticipates its sales to be in the range of $307 million to $315 million in the third quarter.
Fibre2Fashion News Desk (JL)
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