Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting first quarter net income of $10.7 million, up from $10.4 million during the same period last year. The company says the increase is due to record first quarter net sales of $260 million.
President and Chief Executive Officer Cliff Sifford says the company continues to benefit from its multi-channel sales initiative.
"Our record first quarter sales were driven by continued strength in athletic footwear for the entire family and tight expense control," said Sifford. "Unseasonably warm temperatures helped drive sales early in the quarter, and though cold weather did impact our Easter holiday performance, we generated positive momentum late in the quarter when more seasonal conditions returned."
The company says it plans to open 20 new stores and close 10 stores throughout all of fiscal year 2016. In the first quarter, the company opened three stores in North Carolina, North Dakota and Illinois.