EVANSVILLE, Ind. - Shoe Carnival Inc. (NASDAQ:SCVL) reported third quarter earnings that met expectations but revenue that fell short, as the footwear retailer faced headwinds from hurricanes and warm weather. The company's shares edged up 1.25% premarket Thursday following the results.
For Q3, Shoe Carnival (NYSE:CCL) posted adjusted earnings per share of $0.71, in line with analyst estimates. Revenue came in at $306.89 million, missing the consensus forecast of $322.87 million.
The company said net sales were impacted by the retail calendar shift that resulted in approximately $20 million of sales moving out of Q3 compared to last year. Excluding this impact, net sales would have increased 2.2% year-over-year.
Comparable store sales for the 13-week period ended November 2, 2024 declined 4.1% compared to the same period last year. The company cited disruptions from two hurricanes and warm weather that delayed winter boot shopping as factors impacting sales.
"Our Back-to-School results were strong, with comparable store sales growth across our banners and robust margins," said Mark Worden, President and CEO. "I am very proud of our team for delivering the Company's profit results despite two significant hurricanes disrupting third quarter sales and a very warm October that delayed the start of our winter boot season."
Looking ahead, Shoe Carnival reaffirmed its full year EPS guidance range of $2.55 to $2.70 on an adjusted basis. However, the company lowered its FY2024 revenue outlook to $1.20-$1.23 billion, down from its prior guidance of $1.23-$1.25 billion.
The company ended the quarter with 431 stores across its Shoe Carnival, Shoe Station and Rogan's banners. It plans to rebanner 25 additional Shoe Carnival stores to Shoe Station stores in the first half of fiscal 2025 based on successful test results.
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