Footwear Retailer Reports Record Earnings
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Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting record third quarter net income of nearly $47 million, compared to nearly $15 million during the same period a year ago. The footwear retailer says it also had record net sales of $356 million in the quarter.
Mark Worden, who was appointed president and chief executive officer in September, says store traffic was up 40% and all comparable stores generated positive cash flow.
“This was by every measure that matters, our best quarter, of our best year, in our 43-year history. We achieved our highest quarterly earnings ever. Net income per share and operating income were both three times higher than the results of any prior third quarter,” said Worden.
The company says continued easing of COVID-19 restrictions and its customer base returning to in-person work and school contributed to the increased demand.
Shoe Carnival says it closed seven stores during the first nine months of fiscal year 2021 and plans to close three more.
The retailer is modernizing its stores and plans to complete approximately 100 stores by the spring of 2022.
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