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 kimberly.chin@wsj.com
