Shoe Carnival's Q4 comparable sales increase 6.4 percent

Shoe Carnival reported net sales of 253.9 million dollars for the fourth quarter of fiscal 2020, a 5.8 percent increase compared to the fourth quarter of fiscal 2019. The company said in a release that comparable store sales increased 6.4 percent, while net income was 7.4 million dollars or 52 cents per diluted share compared to 3.5 million dollars or 24 cents per diluted share last year.

“With consumer shopping habits upended by the pandemic, our team quickly shifted to meet customer needs by exponentially growing our e-commerce business and re-opening our stores safely by early June. Our multi-year investment in a world-class CRM platform played a significant role in our success during the year, driving increased sales and margins through segmented, personalized marketing,” said Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.

Review of Shoe Carnival’s FY20 results

Net sales during fiscal 2020, the company added, decreased 59.8 million dollars to 976.8 million dollars including a 106.3 million dollars year-over-year decrease in first quarter net sales resulting from the temporary store closures. E-commerce sales increased 175 percent compared to fiscal 2019 and represented approximately 19 percent of net sales in fiscal 2020. Overall, comparable store sales declined 5.3 percent, comprised of a 42.3 percent decline in the first quarter, followed by a 6.9 percent cumulative increase over the remainder of the fiscal year.

Net income for fiscal 2020 was 16 million dollars or 1.12 dollars per diluted share, compared to 42.9 million dollars or 2.92 dollars per diluted share, in fiscal 2019.

Based on fiscal 2021 first quarter-to-date results, the company currently anticipates sales to be at least 273 million and diluted net income per share of at least 1.40 dollars.

The company opened four stores and closed 13 stores during fiscal 2020 compared to one store opening and six store closings in fiscal 2019.