Shoe Carnival, a U.S. based retailer of moderately priced footwear and accessories, posted US$300.8 million in net sales for the second quarter and six months ended August 1, 2020, representing an all-time quarterly record.
Shoe Carnival’s second quarter sales exceeded the previous record set in the third quarter of fiscal 2017 by 4.6%. Comparable store sales increased 12.6% and e-commerce sales, which represented more than 20% of total sales in the second quarter of fiscal 2020, were up 332%. The company said that bricks-and-mortar sales were adversely impacted by Covid-19 related closures early in the second quarter, as well as the collateral delays in back-to-school shopping late in the quarter. Gross profit margin decreased 27.5% compared with 30.6% in the second quarter of fiscal 2019. Net income was US$10.1 million in the period.
T oread the resto f this article, click on ILM -Shoe Carnival