Shoe Carnival, Inc. (SCVL), a prominent footwear and accessory retailer, announced on Thursday a decline in its net income for the third quarter, reporting figures of $19.24 million or $0.70 per share, compared to $21.86 million or $0.80 per share in the previous year.
Adjusted earnings per share for the third quarter stood at $0.71, aligning with the company's forecast. Analysts, as per data collected by Thomson Reuters, had predicted earnings of $0.67 per share, typically excluding extraordinary items from their estimates.
The net sales for the third quarter of 2024 amounted to $306.89 million, a decrease from $319.91 million recorded the previous year. Analysts had anticipated net sales of approximately $316.23 million. This decline in net sales was attributed to a shift in the retail calendar, leading to a transfer of around $20 million in net sales from the third quarter of 2024 to previous quarters. Excluding the calendar impact, net sales actually grew by 2.2 percent compared to the previous year.
Looking forward to fiscal 2024, Shoe Carnival maintains its earnings per share projections in the range of $2.55 to $2.70. The adjusted earnings per share forecast is between $2.60 to $2.75. Net sales are now projected to be between $1.20 billion to $1.23 billion, indicating a growth of 2 to 4.5 percent from last year. This is a revision from their earlier outlook, which anticipated net sales of $1.23 billion to $1.25 billion, representing a growth of 5 to 6 percent.
Market analysts predict an earnings of $2.63 per share with net sales totaling $1.23 billion.
