Shoe Carnival Drops 16% As Profit, Sales Decline In Q1

(RTTNews) - Shares of footwear retailer Shoe Carnival, Inc. (SCVL) are down more than 16% Wednesday morning after reporting lower net income and sales for the first quarter.

Net income for the first quarter declined to $26.9 million or $0.95 per share from $43.24 million or $1.51 per share in the same quarter a year ago. The consensus estimate of analysts polled by Thomson Reuters stood at $0.86 per share.

Quarterly sales declined to $317.53 million from $328.46 million a year ago.

Looking forward, the company has raised its full-year EPS outlook to $3.95 to $4.15 from previous guidance of $3.80 to $4.10. Analysts expect earnings of $4.54 for the period.

Net sales are expected to increase 4% to 7% year-on-year.

SCVL touched a new low of $26.30 this morning.