Shoe Carnival‘s net sales increased during the fiscal second quarter, exceeding the company’s expectations.
The retailer’s net sales climbed 12.9 per cent to $332.7 million from the previous year, with double-digit growth in Shoe Station, sustained strong trends in the Shoe Carnival chain, and improvements in e-commerce.
“Customer engagement continued to exceed our expectations, and sales momentum accelerated rapidly during our most important shopping event of the year, the Back-to-School season,” said Mark Worden, president and CEO.
“We achieved a net sales record this quarter, surpassing all previous second-quarter sales in our company’s history. Gross profit margin expanded versus the prior year, we gained significant market share, and we delivered earnings above our guidance in the quarter.”
The company operated 430 stores as of September 5, including 28 Rogan’s locations acquired in February, 368 Shoe Carnival stores, and 34 Shoe Station stores.
The company plans to reach 500 locations by 2028, with a strategic strategy for organic growth and M&A activity.
The net sales continued to soar last month due to the peak Back-to-School season. Shoe Carnival reported low-single-digit comparable store sales growth in fiscal August, owing to growth in the children’s and athletics categories.
The company estimates third-quarter net revenues to be around $320 million. This projection incorporates the impact of the retail calendar shift, which resulted in roughly $20 million in net sales moving from the third quarter to the second quarter compared to the previous year.
