Shoe Carnival Q3 Net Income Declines, Comps. Down 7.4%; Lowers Annual Guidance

(RTTNews) - Shoe Carnival, Inc. (SCVL) reported third quarter net income of $21.9 million, or $0.80 per share, compared to $32.7 million, or $1.18 per share, prior year. The company said its results were below expectations given the unfavorable weather trends experienced post Labor Day and has resulted in lower full year 2023 expectations. On average, three analysts polled by Thomson Reuters expected the company to report profit per share of $0.97, for the quarter. Analysts' estimates typically exclude special items.

Third quarter net sales were $319.9 million, down 6.4 percent from a year ago, and comparable store sales were down 7.4 percent, primarily due to softening trends after Labor Day. Analysts on average had estimated $321.35 million in revenue.

For fiscal 2023, the company now expects: earnings per share in a range of $2.65 to $2.75; and net sales of $1.16 billion to $1.18 billion. Comparable store sales are projected to decline in a range of 8.5% to 9.5%.

The company said its revised 2023 outlook reflects a fourth quarter comparable net sales decline of 9 percent to 12 percent, net sales of approximately $265 million to $285 million, and EPS of $0.54 to $0.64.

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