“Our outstanding team members delivered double-digit sales growth and triple-digit EPS growth during every quarter of 2021, resulting in the best year in Shoe Carnival’s 43-year history. Fourth quarter momentum was very strong as we closed out the year, with store traffic up 18 percent, net sales up 23 percent, and EPS growth of 177 percent versus the prior year. Our strategic investments, and recent acquisition of a second retail banner, have us positioned very well for continued sales growth in 2022, and for rapid store expansion in the years ahead. We now expect to sustain operating income and EPS levels that are more than double the pre-pandemic record levels set in fiscal 2019”, commented Mark Worden, President and Chief Executive Officer.

Fourth Quarter Results

In the fourth quarter of fiscal 2021, ended on the 29^th of January 2022, Shoe Carnival’s net sales grew by 23.4%, reaching 313.4 million US dollars, as compared with the same quarter of fiscal 2020. The company claimed that this result set “a new fourth quarter record”. In this period, comparable store traffic increased by 18%, which resulted in comparable store sales growth of 17.7%.  

Fourth quarter gross profit margin improved to 37.3% in 2021 from 30.8% in the prior year, including the 1.1 million US dollars Shoe Station acquisition-related charge.

In the last quarter of fiscal 2021, net income totalled 20.6 million US dollars, or 0.72 US dollars per diluted share, as compared to 7.4 million US dollars, or 0.26 US dollars per diluted share in the same quarter of 2020.

Full Year 2021

Full fiscal year 2021 Shoe Carnival’s net sales totalled 1.33 billion US dollars, “the highest annual net sales in the company’s history”, which reflects growth of 36.2% over full year 2020. Comparable store sales rose by 35.3% in 2021, bouncing back from a comparable store sales decline of 5.3% in fiscal 2020 due to COVID-19 related shutdowns.

Gross profit margin for fiscal 2021 widened from 28.7% in the previous year to 39.6%.

In fiscal 2021, net income totalled “a record” 154.9 million US dollars, or 5.42 US dollars per diluted share, as compared with 16.0 million US dollars, or 0.56 US dollars per diluted share, in fiscal 2020, and 42.9 million US dollars, or 1.46  US dollars per diluted share, in fiscal 2019.

Fiscal 2022 Outlook

For fiscal 2022, the company is expecting net sales to increase 4% to 7%, as compared with fiscal 2021, on top of the 36.2% increase achieve during the last financial year. Earnings per share should be in the range of 3.80 US dollars to 4.10 US dollars.

Shoe Carnival has also reported that it aims to add 10 stores to its store network in fiscal 2022, as part of the company’s strategic plan to accelerate store count over the next three years.