Shoe Carnival Q3 Earnings Down, Yet Beat Market; Backs FY24 EPS View, Cuts Sales Forecast

Shoe Carnival

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Kaufen / Verkaufen

(RTTNews) - Shoe Carnival, Inc. (SCVL), a retailer of footwear and accessories, reported Thursday that its third-quarter net income declined to $19.24 million or $0.70 per share from last year's $21.86 million or $0.80 per share.

On an adjusted basis, third-quarter earnings per share was $0.71, in line with the company's expectation.

Analysts on average expected the company to report earnings of $0.67 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

Net sales in third quarter 2024 were $306.89 million, lower than $319.91 million a year ago, while the Street was looking for $316.23 million.

The drop in net sales reflected the impact of the retail calendar shift that resulted in around $20 million of net sales moving out of third quarter 2024 compared to prior year.

Without the impact of the retail calendar shift, net sales increased 2.2 percent versus prior year.

Looking ahead to fiscal 2024, the company continues to expect earnings per share in the range of $2.55 to $2.70, and adjusted earnings per share in the range of $2.60 to $2.75.

Net sales are now expected to be $1.20 billion to $1.23 billion, representing growth of 2 percent to 4.5 percent from the prior year. The previous outlook was net sales of $1.23 billion to $1.25 billion, representing growth of 5 percent to 6 percent.

The Street is looking for profit of $2.63 per share on net sales of $1.23 billion.

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