Shoe Carnival Says Most Stores Should Be Open by Second Week of June

By Allison Prang

Shoe Carnival Inc. said more than 80% of its stores are open as of Wednesday, and it expects more than 95% of them to be open by the second week of next month.

Shoe Carnival said 82% of its stores, or 318 locations, were open. The company expects by the second week of June that more than 95% of its stores will be open. Shoe Carnival had said in early May it hoped to have most of its stores open by the end of this month.

The shoe seller had a loss for the first quarter of the fiscal year of $16.2 million, compared with a profit a year prior of $13.9 million. The company's loss for the quarter was $1.16 a share, compared with a profit of 91 cents a share a year prior. According to FactSet, analysts expected a loss of 85 cents a share.

Sales at the company dropped 42% to $147.5 million, but were higher than analysts' consensus of $140.4 million. The company said e-commerce sales rose more than 160%. They rose more than 350% during the period when the company's physical stores were shut.

Shoe Carnival said comparable-store sales fell more than 42%, but had climbed 3.9% before the Covid-19 pandemic started impacting the company, or through mid-March.

The company permanently closed two stores during the quarter. It expects to close between seven and 10 stores this fiscal year and to open four locations.

Write to Allison Prang at allison.prang@wsj.com

(END) Dow Jones Newswires

May 20, 2020 16:58 ET (20:58 GMT)

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