Shoe Carnival sales beat expectations as 30 stores added

(Source: Shoe Carnival / Facebook)

Shoe Carnival‘s first-quarter net sales rose 6.8 per cent from last year to $300.4 million, exceeding the footwear retailer’s expectation.

The company noted that this is the 13th consecutive quarter its gross profit margin exceeded 35 per cent, at 35.6 percent. Net income rose 4.8 per cent to $17.3 million.

As of May 4, Shoe Carnival had a historic high of 430 stores with 371 Shoe Carnival stores, 31 Shoe Station stores, and the 28 Rogan’s locations acquired last February. This represents an increase of 30 stores since the start of the year.

The company’s strategic growth roadmap outlines exceeding 500 stores in 2028, inclusive of organic growth and strategic merger and acquisition activity.

“We are encouraged by the strong results delivered this quarter, with net sales growth above our expectation, gross profit margin expansion versus prior year, and earnings at the high end of our expectation,” said Mark Worden, Shoe Carnival president and CEO.

“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.”

For the full fiscal year, the company maintains its forecast of net sales growth of 4 per cent to 6 per cent.

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