Despite being one of the lesser-known retail operators, Shoe Carnival (NASDAQ:SCVL) recently reported solid comparable store sales and e-commerce sales growth, driven by its strategic investments and industry tailwinds. Also, because the company plans to revamp its profitable stores, we think its stock is poised to soar in the near term. Read on.Shoe Carnival (NYSE:CUK), Inc. (SCVL) is a family footwear retailer that operates in the United States. By growing its e-commerce business exponentially and revamping its stores, the company has boosted its sales significantly. The stock has gained 31.5% over the past three months to close yesterday’s trading session at $61.66. In fact, it is trading just 4.3% below its 52-week high, which it hit on April 26.
Because the company next plans to modernize its most profitable brick-and-mortar stores to better serve its customers, we think it is well positioned to drive long-term growth and maintain its momentum.
Although some retail giants continue to hog investors’ attention, the relatively smaller player SCVL has not only managed to recover from last year’s COVID-19-driven market disruptions but appears to be making the most of the current environment through an acceleration of its omnichannel capabilities and its operational excellence.