Shoe Carnival, a US-based retailer of moderately priced footwear and accessories, has announced its third quarter (Q3) results for fiscal 2020 ended on October 31. Net sales for the quarter remained flat at $274.6 million compared to sales in same period previous year. Company’s net income for the quarter increased to $14.6 million (Q3 FY19: $13.7 million).
“Our strong fiscal third quarter results clearly demonstrated the strength and dedication of our team’s ability to execute on our strategic initiatives. We achieved same store sales growth and delivered the most profitable quarter in Shoe Carnival’s history, despite the extended back-to-school season,” Cliff Sifford, Shoe Carnival’s vice chairman and chief executive officer, said in a press release.
Gross profit for Q3 FY20 rose to $87.7 million ($84.7 million). Selling, general and administrative expenses were $67.5 million ($66.5 million). Company’s operating income was $20.1 million ($18.1 million). E-commerce sales jumped 150 per cent compared to the third quarter of FY19.
“Our disciplined focus on financial flexibility and the strength of our business model continue to fuel our market leading performance notwithstanding the ongoing disruption caused by the global pandemic. We are excited about our market share gains in the quarter and believe our enduring competitive advantages position us for future growth,” Sifford said.