Shoe Carnival reports Q2 earnings, strong back-to-school sales
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Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting second quarter net income of $28.9 million, compared to $44 million during the same period a year ago. However, the retailer believes the most relevant comparison is to Q2 of 2019, when the company reported net income of $11.8 million.
The company says, “given the volatility experienced during 2020 and 2021,” the 2019 data is a more accurate measure. That report was prior to the onset of the pandemic, government stimulus funds and supply chain disruptions.
The company says its acquisition of Alabama-based Shoe Station, which it announced in December, has led to bigger gains than anticipated.
“Contribution from the Shoe Station banner has exceeded initial expectations and we expect to realize additional synergies and to grow store count across both banners. We are optimistic about our long-term growth trajectory and delivering our profitability goals for 2022,” said Shoe Carnival President and Chief Executive Officer Mark Worden.
The company says back-to-school shopping this month saw its highest three-day sales period in Shoe Carnival’s history. It says merchandise sales have increased “in the mid-teens.” This shopping period drives over half of the company’s third quarter profitability.
Worden says the company is on track to open its 400th store by the end of the year.
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