Shoe Carnival Swings to Quarterly Profit

Shoe Carnival is headquartered in Evansville. (photo courtesy of Shoe Carnival)

Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) is reporting record fiscal first quarter net income of $43.2 million, compared to a net loss of $16.2 million during the same period last year. Chief Executive Officer Cliff Sifford said the company achieved the highest sales, margin, and EPS results in its history during the record-breaking quarter.

“Tax refunds, stimulus payments, and our merchants’ ability to deliver the items and brands our customers desired fueled positive traffic trends during the quarter,” said Sifford. “This resulted in a comparable store sales increase of 125.8 percent and all-time high store conversion rates. Our customer’s focus was on product and not promotion. This allowed us to eliminate low-margin promotions for the entire first quarter, which led to a 1,000-basis point increase in merchandise margin. Our industry-leading CRM program allowed us to get our brand message to our customers and their positive reaction gives us confidence for the remainder of the year. Our relentless focus will remain on continuing to deliver the right product, service and overall customer experience.”

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