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Shoe Carnival releases successful Q2 comps to accelerate growth, net sales and profit earnings above expectations

Friday, Aug 26, 2022

Shoe Carnival has released successful Q2 financial results, with reports of accelerating growth. Net sales and profit earnings for the footwear retailer came in above initial expectations.

Second Quarter Highlights

  • Net sales grew 16.4% with both store banners contributing.

  • Based on results through the second quarter, Shoe Station banner sales are now expected to exceed previously announced full year expectations of $100 million by more than 10%.

  • Gross profit margin increased 560 basis points.

  • Operating income margin increased 660 basis points and at 12.4 percent was the sixth consecutive quarter in double-digits.

  • Second quarter EPS of $1.04 (up 160 percent) and year-to-date EPS of $1.99 (up 131 percent) is on track to deliver previously announced full year guidance in the range of $3.95 to $4.15.

“We are proud to deliver our sixth consecutive quarter of double-digit operating income margin and gross profit margin that expanded nearly 600 basis points versus pre-pandemic levels on both a quarterly and year-to-date basis. Contribution from the Shoe Station banner has exceeded initial expectations and we expect to realize additional synergies and to grow store count across both banners. We are optimistic about our long-term growth trajectory and delivering our profitability goals for 2022,” said Mark Worden, President and Chief Executive Officer.

Source: Shoe Carnival – Press Release

Photo Credit: Footwear News

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Article Topics: Financial Results | Growth | Retail

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