Shoe Carnival’s H1 comparable stores sales up 48.8 percent

Net sales for the first six months were 660.7 million dollars compared to 448.3 million dollars in the first six months of fiscal 2020, while comparable store sales increased 48.8 percent.

The gross profit margin for the first half was 40.3 percent compared to 25.4 percent in the same period last year. Net income rose to 87.5 million dollars or 3.05 dollars per diluted share compared to a net loss of 6.1 million dollars or a loss of 22 cents per diluted share, for the first six months of fiscal 2020.

The company said, one new store opened in the second quarter and one store opened, while six closed during the six month period. The company expects to close three additional stores during the remainder of fiscal 2021 compared to a total of four store openings and 13 store closings in fiscal 2020.

The Company is currently in the process of modernizing its stores and plans to modernize approximately 100 stores by the spring of 2022, with the goal of modernizing two-thirds of its store fleet in the next three-to-five years.