Shoe retailer reports record earnings

Shoe retailer Shoe Carnival Inc. is headquartered in Evansville

Evansville-based Shoe Carnival Inc. (Nasdaq: SCVL) posted record third quarter net income of nearly $ 47 million, up from nearly $ 15 million in the same period a year ago. The shoe retailer also said it posted record third quarter net sales of $ 356 million.

Mark Worden, who was named president and CEO in September, says store traffic increased 40% and all comparable stores generated positive cash flow.

“It was by all accounts our best quarter, our best year, in our 43 year history. We achieved our highest quarterly profit ever. Net earnings per share and operating income were three. times higher than any previous third quarter results, ”Worden said.

The company says the continued easing of COVID-19 restrictions and its customer base returning to work and school in person have contributed to the increase in demand.

Shoe Carnival says it closed seven stores in the first nine months of fiscal 2021 and plans to close three more.
The retailer is modernizing its stores and plans to complete around 100 stores by spring 2022.

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