By Kimberly Chin
Shoe Carnival Inc. said profit in the third quarter rose as sales were flat due in part to the Covid-19 pandemic extending the back-to-school season.
The footwear and accessories retailer posted a net profit of $14.7 million, or $1.03 a share, up from $13.7 million, or 94 cents a share, in the year-ago quarter.
Net sales were $274.6 million for the quarter, roughly flat from the comparable period a year earlier. Four analysts polled by FactSet expected $275.6 million.
E-commerce sales surged 150% year-over-year. Same-store sales rose 0.9%.
The costs of sales, which include buying, distribution and occupancy costs, were cut by 1.6% from last year due to distribution expenses while selling, general and administrative expenses rose slightly by 1.5%.
Gross profit margins increased to 32%, compared with 30.9% in last year's third quarter.
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