Shoe Carnival Cuts Guidance, Aims for Higher Income Shoppers
Net income dropped 33% to $19,441,000 from $28,909,000 in the second quarter on net sales that were down 6% to $294,615,000 from $312,268,000, including a mid-single-digit improvement at the Shoe Carnival banner, while Shoe Station stores saw a low-singles gain. Comps across banners were down 6.5% as store traffic dropped 7%, with most of the decline among lower income household customers and in urban markets. The brick-and-mortar weakness was partially offset by a 5% increase in e-commerce, bolstered by the launch of the new Shoe Station site and growth at Shoe ... Log in to view full article.