Shoe Carnival's sales and profit surpass pre-pandemic levels

Shoe Carnival, Inc. reported first quarter net sales of 317.5 million dollars increased 25.1 percent compared to the pre-pandemic first quarter 2019 driven by new customer acquisition of over 25 percent versus first quarter 2019.

Net income rose to 26.9 million dollars or 95 cents per diluted share compared to 13.9 million dollars or 46 cents per diluted share in Q12019 and 43.2 million dollars or 1.51 dollars per diluted share, in the first quarter of 2021.

“With gross profit margins in the mid-thirties, double-digit operating profit margin and store productivity above 300 dollars per square foot, we are incredibly optimistic about our future growth and long-term profit potential,” said Mark Worden, Shoe Carnival’s president and chief executive officer.

Gross profit margin was 35.5 percent, a 600 basis point increase compared to the first quarter of 2019. Operating income 11.1 percent of net sales, a 500 basis point increase.

Two new stores were opened in the first quarter of fiscal 2022. The company aims to open 10 new stores in fiscal 2022, expects no store closures, and store count to exceed 400 stores by the end of fiscal 2022.

For fiscal 2022, the company said, net sales are expected to increase 4 to 7 percent and EPS is now expected to be in the range of 3.95 dollars to 4.15 dollars compared to previous guidance of 3.80 dollars to 4.10 dollars and a pre-pandemic annual high of 1.46 dollars in fiscal 2019.