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Shoe Carnival Says Has Reopened All But One Of Its 390 Stores In US And Puerto Rico; Says Q2 Comparable Store Sales Ip 28.1%, E-Commerce Comparable Sales Up 470% But Anticipates Gross Margin Headwinds

Shoe Carnival, Inc. (NASDAQ:SCVL) (the "Company"), a leading retailer of moderately priced footwear and accessories, today provided a business update following the re-opening of its stores amid the global

Benzinga · -

Shoe Carnival, Inc. (NASDAQ:SCVL) (the "Company"), a leading retailer of moderately priced footwear and accessories, today provided a business update following the re-opening of its stores amid the global COVID-19 pandemic.

As of June 22, 2020, the Company has re-opened all but one of its 390 stores across the U.S. and Puerto Rico. For the fiscal second quarter-to-date, Shoe Carnival has experienced stronger than expected sales with comparable store sales up 28.1% compared to the prior year, with brick and mortar comparable sales up 4.0% and e-commerce comparable sales increasing nearly 470%.

While the Company is encouraged by the strong sales performance quarter-to-date, it does anticipate gross margin headwinds for the fiscal second quarter 2020 as a result of mix and increased shipping charges associated with higher e-commerce sales.