US footwear retailer Shoe Carnival reported that its net sales for the financial year 2021 (FY21) increased by $353.6 million to $1.33 billion, an increase of 36.2% over the previous year.
The increase in net sales is a record annual growth in the company’s history.
Shoe Carnival’s same-store sales for the 12-month period to January 29 increased 35.3%, compared to a 5.3% decline in fiscal 2020 due to Covid-19.
The company also reported record 868.6% growth in net profit for the year, reaching $154.9 million from $16.0 million the previous year.
Shoe Carnival’s earnings per share (EPS) were $5.42, down from $0.56 in 2020, while its gross profit margin was 39.6% from 28.7% two years prior.
During the fourth quarter (Q4), the company’s net sales increased 23.4% to $313.4 million, while same-store sales increased 17.7%, driven by a 18% increase in same-store traffic.
Shoe Carnival also shared record fourth-quarter net profit growth of $20.6 million, up from $7.4 million in the same period a year earlier.
The company’s EPS for the quarter also increased from $0.26 to $0.72 over two years.
Shoe Carnival President and CEO Mark Worden said: “The outstanding members of our team delivered double-digit sales growth and triple-digit EPS growth in every quarter of 2021, this which resulted in the best year in Shoe Carnival’s 43-year history.”
For FY22, Shoe Carnival expects net sales to grow 4% to 7% from a year earlier.
The company’s FY22 operating profit is expected to be between $142 million and $154 million.
It also plans to open more than ten stores during the year.
Worden added, “Our strategic investments and the recent acquisition of a second retail banner position us very well for continued sales growth in 2022 and for rapid store expansion in the years ahead.”