Shoe Carnival posts quarterly profit after back-to-school season
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Evansville-based Shoe Carnival Inc. is reporting fiscal second-quarter net income of $22.6 million, up from $19.4 million during the same period last year. The footwear retailer posted a nearly 13% increase in net sales, driven largely from back-to-school shopping.
Net sales totaled $332.7 million for the quarter. CEO Mark Worden said in a news release that customer engagement continued to exceed the company’s expectations during its most important shopping event of the year.
“We achieved a net sales record this quarter, surpassing all previous second quarter sales in our company’s history,” Worden said. “Our Back-to-School results were very strong with comparable sales growth achieved in August, driven by the children’s and athletic categories. Our long-term strategies to increase sales and drive profitability are working.”
Shoe Carnival also reported a 23.7% increase in adjusted operating income to $30.5 million compared to the previous year.
As a result of the positive quarter, the company has increased its Fiscal 2024 sales guidance range to $1.23 billion to $1.25 billion, a growth of 5%-6% over Fiscal 2023.
Shoe Carnival’s stock jumped 8.2% to $40.63 per share at end of trading Thursday.
You can view the full earnings report by clicking here.