Shoe Carnival’s Net Sales Rise 5.8 Pct Amid eCommerce Growth

Footwear retailer Shoe Carnival posted a 5.8 percent increase in net sales for the fourth quarter of fiscal 2020, according to a press release.

The company reported 52 cents per diluted share in net income and $253.9 million in net sales for the fourth quarter of fiscal 2020.

Shoe Carnival said comparable sales climbed 6.4 percent for the fourth quarter of fiscal 2020. The company also reported its “fourth consecutive quarter of triple digit increases in e-commerce sales.”

Selling, general and administrative expenses grew by $2.5 million. The company said the rise was mainly due to expenses supporting heightened online sales.

Shoe Carnival said it expects “record” first quarter sales and earnings, with sales expected to be at a minimum of $273 million and diluted net income per share expected to be at a minimum of $1.40.

However, the company said it would not be announcing annual guidance, provided the “continued uncertainty surrounding COVID-19 and its impact on consumer spending behaviors and recent supply chain disruptions.”

“As we enter 2021, we remain financially strong and will leverage the invaluable knowledge we have gained to navigate through a changing dynamic. To date, our fiscal first quarter 2021 results are shaping up to show continued momentum and are on track for record first quarter sales and earnings,” Shoe Carnival Vice Chairman and CEO Cliff Sifford said in the release.

The news comes as Caleres, parent firm of several footwear brands, said it closed the books on 2020 as a more agile, concentrated and profitable firm, and was optimistic about the economic rebound for the latter half of this year.

In unveiling its fourth-quarter results, the owner of the Famous Footwear, Allen Edmonds and Dr. Scholl’s brands said that net sales for the three months concluding Jan. 30 dropped 18 percent from a year ago to $571 million, its eCommerce sales jumped 25 percent and its direct-to-consumer (D2C) channels comprised three quarters of its business.