Shoe Carnival Provides Business Update on COVID-19
March 19 2020 - 4:12PM
Business Wire
Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading
retailer of moderately priced footwear and accessories, today
provided an update on its operations in response to the continued
spread of COVID-19.
To do its part in helping to prevent the rapid spread of the
virus and to align with the evolving guidance from federal and
local health officials, Shoe Carnival will temporarily close its
stores to consumers across the U.S. and Puerto Rico until April 2,
2020, effective today. The Company will continue to pay store
associates as scheduled during this period.
“The health and safety of our employees, our customers and the
communities we serve is our primary concern. While the decision to
close our stores was not made lightly, we believe ensuring the
well-being of our teams and doing our part to minimize the spread
of this deadly virus is the right one. We will continue serving our
loyal customers through our website, www.shoecarnival.com, and our
mobile app,” stated Cliff Sifford, Shoe Carnival’s Vice Chairman
and Chief Executive Officer.
Sifford concluded, “The impact of COVID-19 is developing
rapidly, and rest assured, we are monitoring this situation
closely. Our leadership team and Board of Directors remain
committed to supporting our employees and the Shoe Carnival
community. We believe that our strong balance sheet, including
availability on our $50 million credit facility, and our
long-standing vendor relationships will provide us sufficient
flexibility to meet the needs of our stakeholders during this
difficult time.”
Updates regarding the Company’s store operations will be
available on the Company’s website www.shoecarnival.com.
Shoe Carnival will release fourth quarter and fiscal year 2019
earnings results on Wednesday, March 25, 2020, after the market
close and will host its quarterly conference call to discuss fourth
quarter and fiscal year 2019 results at 4:30 p.m. Eastern Time. Due
to the uncertainty caused by COVID-19, the Company will not be
releasing fiscal year 2020 guidance in its earnings release or
during the conference call.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family
footwear retailers, offering a broad assortment of moderately
priced dress, casual and athletic footwear for men, women and
children with emphasis on national name brands. As of March 19,
2020, the Company operates 392 stores in 35 states and Puerto Rico,
and offers online shopping at www.shoecarnival.com. Headquartered
in Evansville, IN, Shoe Carnival trades on The Nasdaq Stock Market
LLC under the symbol SCVL. Shoe Carnival's press releases and
annual report are available on the Company's website at
www.shoecarnival.com.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that involve a number of risks and uncertainties, including,
but not limited to, statements regarding the timing of the
temporary closure of our stores and other statements regarding the
impact of COVID-19 on our operations. A number of factors could
cause our actual results, performance, achievements or industry
results to be materially different from any future results,
performance or achievements expressed or implied by these
forward-looking statements. These factors include, but are not
limited to: the duration and spread of the COVID-19 outbreak,
mitigating efforts deployed by government agencies and the public
at large, and the overall impact from such outbreak on economic
conditions, financial market volatility, consumer spending and our
supply chain; general economic conditions in the areas of the
continental United States in which our stores are located and the
impact of the ongoing economic crisis in Puerto Rico on sales at,
and cash flows of, our stores located in Puerto Rico; the effects
and duration of economic downturns and unemployment rates; changes
in the overall retail environment and more specifically in the
apparel and footwear retail sectors; our ability to generate
increased sales at our stores; our ability to successfully navigate
the increasing use of online retailers for fashion purchases and
the impact on traffic and transactions in our physical stores; the
success of the open-air shopping centers where our stores are
located and its impact on our ability to attract customers to our
stores; our ability to attract customers to our e-commerce website
and to successfully grow our e-commerce sales; the potential impact
of national and international security concerns on the retail
environment; changes in our relationships with key suppliers; our
ability to control costs and meet our labor needs in a rising wage
environment; changes in the political and economic environments in,
the status of trade relations with, and the impact of changes in
trade policies and tariffs impacting, China and other countries
which are the major manufacturers of footwear; the impact of
competition and pricing; our ability to successfully manage and
execute our marketing initiatives and maintain positive brand
perception and recognition; our ability to successfully manage our
current real estate portfolio and leasing obligations; changes in
weather, including patterns impacted by climate change; change in
consumer buying trends and our ability to identify and respond to
emerging fashion trends; the impact of disruptions in our
distribution or information technology operations; the
effectiveness of our inventory management; the impact of natural
disasters, other public health crises, political crises and other
catastrophic events on our stores and our suppliers, as well as on
consumer confidence and purchasing in general; risks associated
with the seasonality of the retail industry; the impact of
unauthorized disclosure or misuse of personal and confidential
information about our customers, vendors and employees, including
as a result of a cyber-security breach; our ability to manage our
third-party vendor relationships; our ability to successfully
execute our business strategy, including the availability of
desirable store locations at acceptable lease terms, our ability to
open new stores in a timely and profitable manner, including our
entry into major new markets, and the availability of sufficient
funds to implement our business plans; higher than anticipated
costs associated with the closing of underperforming stores; the
inability of manufacturers to deliver products in a timely manner;
the impact of regulatory changes in the United States and the
countries where our manufacturers are located; the resolution of
litigation or regulatory proceedings in which we are or may become
involved; continued volatility and disruption in the capital and
credit markets; and future stock repurchases under our stock
repurchase program and future dividend payments; and other factors
described in the Company’s SEC filings, including the Company’s
latest Annual Report on Form 10-K.
In addition, these forward-looking statements necessarily depend
upon assumptions, estimates and dates that may be incorrect or
imprecise and involve known and unknown risks, uncertainties and
other factors. Accordingly, any forward-looking statements included
in this press release do not purport to be predictions of future
events or circumstances and may not be realized. Forward-looking
statements can be identified by, among other things, the use of
forward-looking terms such as “believes,” “expects,” “may,” “will,”
“should,” “seeks,” “pro forma,” “anticipates,” “intends” or the
negative of any of these terms, or comparable terminology, or by
discussions of strategy or intentions. Given these uncertainties,
we caution investors not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
We disclaim any obligation to update any of these factors or to
publicly announce any revisions to the forward-looking statements
contained in this press release to reflect future events or
developments.
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version on businesswire.com: https://www.businesswire.com/news/home/20200319005780/en/
Cliff Sifford Vice Chairman and Chief Executive Officer, or
W. Kerry Jackson Senior Executive Vice President, Chief
Financial and Administrative Officer and Treasurer
7500 East Columbia Street Evansville, IN 47715
www.shoecarnival.com (812) 867-6471
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