By Kimberly Chin
Shoe Carnival Inc. swung to a profit in the first quarter as sales more than doubled due to lessened promotional activity and a boost from consumer spending.
The footwear and accessories retailer recorded a profit of $43.2 million, compared with a loss of $16.2 million in the same period a year earlier. Earnings were $3.02 a share, compared with a loss of $1.16 a share in the year-ago quarter.
Net sales rose to $328.5 million from $147.5 million a year ago.
E-commerce sales rose 12% over last year. Same-store sales increased 126%.
"Tax refunds, stimulus payments, and our merchants' ability to deliver the items and brands our customers desired fueled positive traffic trends during the quarter," said Chief Executive Cliff Sifford in prepared remarks. "Our customer's focus was on product and not promotion," he added.
Write to Kimberly Chin at kimberly.chin@wsj.com
