Sept. 1, 2020, 7:57 p.m. EDT

Shoe Carnival's shares slump after Q2 sales miss

Watchlist Relevance

Want to see how this story relates to your watchlist?

Just add items to create a watchlist now:

or Cancel Already have a watchlist? Log In

By Kimberly Chin

Shares of Shoe Carnival dropped 14% in after-hours trading to $31.11 after the company missed analysts' sales estimates.

The footwear and accessories retailer posted second-quarter sales of $300.8 million, falling short of expectations of $310.5 million, according to a poll of four analysts by FactSet.

Same-store sales increased 12.6% for the quarter ended Aug. 1. Brick-and-mortar sales were largely affected by Covid-19-related store closures and delays in back-to-school shopping, the company said.

"The Covid pandemic has undoubtedly created significant uncertainty across the U.S. which has shifted our typical back-to-school season," Chief Executive Cliff Sifford said. "Nearly all schools within the markets we operate in have, at a minimum, delayed their start dates."

The volumes it would typically see in a normal back-to-school season in August are expected shift to later in the third quarter, Mr. Sifford added.

Quarterly net profit fell to $10.1 million, or 71 cents a share, from $11.8 million, or 80 cents a share, in the year-earlier period. The costs of sales, which include buying, distribution and occupancy costs, climbed 17% from last year while selling, general and administrative expenses rose 2.7%.

Write to Kimberly Chin at

This Story has 0 Comments
Be the first to comment
More News In

Story Conversation

Commenting FAQs »

Partner Center

Link to MarketWatch's Slice.