Shoe Carnival Q2 Profit Falls, Misses Estimates; Cuts FY23 View

(RTTNews) - Shoe Carnival, Inc. (SCVL), on Tuesday, reported lower earnings in the second quarter on lower revenues. The earnings result missed the analyst's estimates. The company also cut its full-year profit and revenue guidance.

Quarterly net earnings decreased to $19.4 million or $0.71 per share from $28.9 million or $1.04 per share last year.

On average, three analysts polled by Thomson Reuters expected the company to report earnings of $0.84 per share for the quarter. Analysts' estimates typically exclude one-time items.

Revenues fell 5.7 percent to $294.6 million from $312.26 million previous year, on soft traffic results along with lower-income households and urban markets. The comparable store sales declined 6.5 percent.

Looking forward to the full year, the company is now expecting earnings ranging from $3.10 per share to $3.25 per share compared to the previous range of $3.60 per share to $3.85 per share. The company also expects earnings to be between $85 million to $89 million.

The Street estimate for earnings is $3.12 per share.

Revenue is now expected to be $1.19 billion to $1.21 billion, down from $1.23 billion to $1.25 billion.

On Monday, shares of Shoe Carnival closed at $21.81, up 0.93% on Nasdaq.