Shoe Carnival Shares Down 7% On Weak Outlook

(RTTNews) - Shares of family footwear retailer Shoe Carnival, Inc. (SCVL) are down 7 percent in extended session Wednesday after the company issued a second-quarter revenue outlook that is expected to miss current estimates.

Looking ahead to the second quarter, the company expects earnings per share between $1.00 and $1.20 on revenues between $268 million to $278 million. On average, 3 analysts polled by Thomson Reuters currently expect earnings of $0.94 on revenues of $282.0 million for the second quarter. The company posted net income of $43.2 million or $3.02 per share in the first quarter, compared to net loss of $16.2 million or $1.16 per share in the year-ago quarter. On average, 3 analysts polled by Thomson Reuters expected the company to report earnings of $1.40 per share in the quarter. Analysts' estimates, usually, exclude one-time items.

During the three-month period, net sales more than doubled to $328.5 million from $147.5 million in the same period last year. Three analysts were looking for revenues of $274.3 million in the quarter.

SCVL closed Wednesday's trading at $62.41, down $1.03 or 1.62% on the Nasdaq. In the after-market, the stock is trading at $58.00, down $4.41 or 7 percent on the NYSE.