Shoe Carnival Q2 Profit Climbs, Meets View; Issues Q3 Outlook; Lifts FY24 Forecast

(RTTNews) - Shoe Carnival, Inc. (SCVL), a retailer of footwear and accessories, reported Thursday that its second-quarter net income climbed to $22.6 million or $0.82 per share from last year's $19.4 million or $0.71 per share.

The second-quarter adjusted earnings per share were $0.83, in line with analysts' estimate, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items. .

Net sales in the quarter exceeded the company's expectation, increasing 12.9 percent to $332.70 million from last year's $294.62 million. .

The results were driven by double-digit growth in Shoe Station, continued strengthening trends in Shoe Carnival and increases in ecommerce.

Comparable store sales for the thirteen-week period ended August 3 declined 2.1 percent compared to last year.

Looking ahead, the company noted that sales accelerated during the peak Back-to-School season and continued through the month of August. The Company achieved low-single digit comparable store sales growth for Fiscal August 2024, driven by growth of the children's and athletics categories.

For the third quarter, the company projects earnings per share to be approximately $0.70 and net sales to be approximately $320 million. The Street is looking for profit of $0.69 per share on net sales of $321.5 million.

Further, the company lifted fiscal 2024 outlook, based on year-to-date results and the comparable store sales growth achieved during Back-to-School.

For the year, earnings per share is now expected to be in the range of $2.55 to $2.70, higher than prior guidance range of $2.50 to $2.70.

Adjusted earnings per share is now expected to be in the range of $2.60 to $2.75, compared to previous view of $2.55 to $2.75.

Net sales are now expected to be $1.23 billion to $1.25 billion, representing growth of 5 percent to 6 percent from last year. The previous view was for $1.21 billion to $1.25 billion.

The Street is looking for profit of $2.74 per share on net sales of $1.24 billion.

Shoe Carnival now projects comparable Store Sales to be down 1.5 percent to up 1 percent, compared to prior guidance range of down 3 percent to up 1 percent.

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