Quarterly profit, sales increase for Shoe Carnival
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Evansville-based Shoe Carnival Inc. is reporting fiscal first quarter net income of $17.3 million, up from $16.5 million during the same period last year. CEO Mark Worden said he is encouraged by the results, which include a 6.7% increase in net sales.
Net sales totaled $300.4 million for the quarter, and the company’s inventory rose to $411.6 million, largely due to its February acquisition of Wisconsin-based Rogan Shoes Inc.
“We gained significant market share, with accelerating sales momentum across our business as the quarter progressed, including double-digit growth in sandals that continued in the quarter after the Easter holiday period,” Worden said in a news release. “Our long-term strategies to grow sales and profit are working and position us well to further increase shareholder value and achieve our vision to be the nation’s leading family footwear retailer.”
Shoe Carnival added one new store in the first quarter, bringing its total to an all-time high of 430 stores. The company also continued its store modernization efforts, which is now 60% complete.
“It’s a journey we’ve been on for a couple of years now. We’ve been very pleased with the results,” Steve Alexander, vice president of investor relations and financial planning, told Inside INdiana Business earlier this month. “You’ll see, in the middle, there is either an athletic shop or a Nike-branded athletic shop. And then the aisles, down the left and the right, very well organized.”
The company aims to surpass 500 stores by 2028.
You can view the full earnings report by clicking here.