Shoe Carnival Results Miss Estimate, Q3 Outlook Weak; Stock Down 8%

(RTTNews) - Footwear retailer Shoe Carnival Inc (SCVL) Wednesday reported second-quarter net earnings of $2.6 million or $0.13 per share compared with $5.8 million or $0.29 per share last year.

Revenues for the quarter were up 2.6 percent at $222 million compared with $216.4 million in the prior year.

Analysts polled by Thomson Reuters estimated earnings of $0.15 per share on revenues of $225 million for the quarter. Analysts' estimates typically exclude special items.

Gross margin for the quarter decreased to 28 percent from 28.9 percent last year.

"The second quarter proved challenging as store traffic remained soft and consumers shopped closer to need," said CEO Cliff Sifford.

Looking ahead to the third quarter, the company expects earnings of $0.45 to $0.51 per share on revenues of $247 million to $252 million. Analysts expect earnings of $0.59 per share on revenues of $252.6 million.