Shoe Carnival E-commerce Soars, but Total Sales Still Tumble in Q1
Net loss was $16,190 for the first quarter ended May 2 against last year’s earnings of $13,873,000 on sales of $147,945,000, down 42% from $253,810,000 with comps were 3.9% through Mar. 12 before taking 42.3% plunge as lockdowns set in. Marketing spend to promote e-commerce sales drove sales up 350% while all stores were closed Mar. 18 through late Apr., and were up 160% for all of Q1. Gross margin contracted 830 b.p. for the quarter to 21.3% on weaker merchandise margin from higher e-commerce shipping costs and increases in buying, distribution and occupancy costs on the deleveraging effect of ... Log in to view full article.