It was a good quarter for Shoe Carnival, as the U.S. retail company’s sales increased by 12.6 percent to $191.5 million, with comparable store sales up by 10.2 percent. The gross margin rose by 2.6 percentage points to 29.8 percent for the third quarter. Net income skyrocketed by 187.6 percent to $7.5 million.
The company said it did so well because it was offering name brands for a good value during a tough economic time for customers. Athletic shoes did very well for back-to-school, and boots were strong later in the quarter.
On a comparable store basis, the average sales price per pair had an increase of 5.5 percent; units sold grew by 4.3 percent. Traffic at Shoe Carnival’s stores increased by 5.7 percent.
Sales went up in every category. Women’s non-athletic shoes experienced comparable sales up by high single digits, largely on the back of boots. Men’s non-athletics grew by double digits, and men’s boots were up by strong double digits. Men’s boat shoes and canvas casuals had strong performances as well.
In adult athletic shoes, men’s and women’s were about equal for an overall comparable store increase in the double digits. Converse Chucks, urban fashion styles by Nike and running shoes were highlights, as were wellness shoes, especially by Reebok and Skechers. Even without wellness footwear, athletics would have inclined in the high single digits.
In the children’s category, which includes athletic and non-athletic styles, comparable store sales increased by double digits. Boys’ and girls’ running, skate, and fashion athletics stood out, as did Nike, Skechers and Converse.