Shoe Carnival, Inc. (NASDAQ:SCVL) reported upbeat earnings for its second quarter, while sales missed views.
Net sales were an all-time quarterly record $300.8 million. Net income rang in at $10.1 million, or $0.71 per diluted share
All brick-and-mortar stores reopened by the end of the second quarter after being closed on March 19, due to COVID-19
Comparable store sales increased 12.6%. E-commerce sales increased 332%.
The chain also pointed out that, during the quarter Shoe Perks customer loyalty membership surpassed 25 million members. As of August 1, cash and cash equivalents were $76.9 million and no cash borrowings were outstanding on the Company’s $100 million line of credit
Said CEO Cliff Sifford, "The strength of our team was on full display during the second fiscal quarter. Our customer-centric culture and exceptional operational execution enabled us to swiftly and safely welcome our loyal shoppers and new customers into our stores."
SCVL also continued to provide stores with a regular supply of personal protective equipment (PPE) and enhance chain wide cleaning, sanitation and social distancing procedures.
Developed a mandatory safety plan for corporate office and distribution center employees, which includes daily health screening and other safety measures.
SCVL shares dropped $4.88, or 13.3%, to open Wednesday at $31.21.
