Shoe Carnival Q1 Results Miss Estimates; Q2 Outlook Weak

(RTTNews) - Shoe Carnival, Inc. (SCVL) reported net earnings for the first quarter of $9.2 million or $0.45 per share, compared to $9.5 million or $0.47 per share for the year-ago quarter.

Net sales for the first quarter grew 1.5% to $235.8 million from $232.3 million a year earlier. Same-store sales decreased 1.7% in the first quarter.

Analysts polled by Thomson Reuters expected the company to earn $0.49 per share on revenue of $238.29 million for the first quarter.

Looking forward to the second quarter, the company forecasts net sales of $223 million to $228 million and earnings of $0.12 to $0.16 per share. Included in the earnings estimate is an increase in store pre-opening costs of about $0.05 due to the expectation of opening 16 stores in the second quarter this year compared with opening eight stores in the second quarter of last year.

Analysts currently expect the company to earn $0.27 per share on revenue of $232.85 million for the second quarter.