Shoe Carnival Inc. reported comparable store sales increased approximately 6.4 percent in the fourth quarter, on top of a 3.2 percent comparable store sale increase in the fourth quarter of fiscal 2019. The family shoe chain also said earnings doubled in the period.
Net sales increased 5.8 percent to $253.9 million, compared to $239.9 million in the fourth quarter of fiscal 2019.
Net income per diluted share is expected to be in the range of 50 and.52 cents, compared to 24 cents in the fourth quarter of fiscal 2019.
Cash and cash equivalents on hand at the end of the quarter were $106 million with no borrowings under the company’s credit facility.
“Our record fourth-quarter results capped off an unprecedented year, further demonstrating the resiliency of our team and Shoe Carnival’s unique and differentiated concept. We realized a comparable store sales increase in excess of six percent, drove an impressive bottom line through incredible margin growth, and continued our explosive e-commerce growth,” commented Cliff Sifford, Shoe Carnival’s vice chairman and chief executive officer.
Sifford continued, “We take great pride in the strong foundation of trust we have built with our loyal customers who continue to rely on us for the latest trends from the best brands both online and in-store. However, this would not be possible without our committed Shoe Carnival employees and incredible vendor partnerships. We are looking forward to further success as we move into fiscal year 2021.”
Shoe Carnival said results are preliminary and remain subject to the completion of normal quarter-end and year-end accounting procedures and closing adjustments. Due to the ongoing uncertainty created by COVID-19, the company is not providing fiscal year 2021 guidance at this time. The company intends to release its fourth quarter and full-year fiscal 2020 earnings results on Wednesday, March 24, 2021, after the market close.
Photo courtesy Shoe Carnival
