Shoe Carnival, Inc has released Q3 financial results, showcasing the brand’s third consecutive quarter of record-breaking net sales and net income. Third Quarter Highlights:
- Record quarterly net income of $46.8 million and record diluted net income per share of $1.64
- Record quarterly net sales of $356.3 million and quarterly comparable store sales increase of 30.1%
- Record quarterly gross profit of $144.1 million and quarterly gross profit margin of 40.4%
- Shoe Perks customer loyalty program membership increased over 10% compared to the prior year with total membership over 28.5 million
- Cash, cash equivalents, and investments were $191.2 million with no outstanding debt as of October 30, 2021
“This was by every measure that matters, our best quarter, of our best year, in our 43-year history. We achieved our highest quarterly earnings ever. Net income per share and operating income were both three times higher than the results of any prior third quarter. Store traffic was up over 40 percent and all of our comparable stores generated positive cash flow year to date. We are thankful to our millions of customers and over 5,000 team members for once again making us a Billion Dollar Brand, as we aim to become a multibillion dollar retailer in the years ahead,” said Mark Worden, Shoe Carnival’s President and Chief Executive Officer.
Shoe Carnival is currently in the process of modernizing its stores and will update approximately 100 stores by the spring of 2022. The company has accelerated its overall goal and now expects to modernize 90% of its store fleet by 2025.
Source: Shoe Carnival Press Release
Photo Credit: Shutterstock
