The company brought in net sales of US$225.7 million in 2022, while net sales for the fourth quarter alone totalled US$290.8 million, up 21.2% over 2019.
Compared to 2021, this fourth quarter result was down by 7.2%, though Shoe Carnival noted this was against a stimulus-elevated fourth quarter in 2021. The company highlighted that its January 2023 result, the first comparable month without government stimulus, saw net sales up by low single digits against January 2022.
The fourth quarter gross profit margin was up year-on-year to 38.3% while operating income totalled US$28.7 million and was 9.9% of net sales.
Looking forward to the 2023 fiscal year, Shoe Carnival expects net sales in the range of US$1.26-1.32 billion, with a gross margin around 37% and net income of US$109-114 million.
Mark Worden, President and CEO, said: “The Shoe Carnival team successfully delivered operating income margins and overall profitability more than double those generated just three years ago, consistent with our strategic plans and 2022 guidance. These results demonstrate the sustainability of our profit transformation and set the new benchmark for us going forward.
“Our growth strategies to increase scale, modernise our customer experience, leverage customer data, and carry the hottest branded merchandise, are working. As a result, the total earnings per share generated over the last two years have exceeded the earnings per share the corporation achieved over the preceding 13 years combined. As we move forward, we expect this profit level to continue on our track to becoming a multi-billion-dollar retailer by 2028.”
