EVANSVILLE, Ind. – Shoe Carnival , Inc. (NASDAQ:), a distinguished household footwear retailer, has surpassed analyst expectations for the primary quarter of 2024, reporting a sturdy improve in earnings and income.
The corporate introduced an adjusted EPS of $0.64, which is $0.07 increased than the analyst estimate of $0.57. Income additionally noticed a big soar, reaching $300.36 million in opposition to the projected $285.95 million.
The primary quarter outcomes demonstrated a 6.8% improve in web gross sales in comparison with the identical interval final 12 months, signaling a robust begin to the fiscal 12 months. The corporate’s GAAP EPS stood at $0.63, whereas the adjusted EPS reached $0.64, each figures aligning with the excessive finish of Shoe Carnival (NYSE:)’s expectations. This efficiency was primarily pushed by a notable rise in gross revenue margin, which expanded to 35.6% on account of increased merchandise margins and environment friendly leverage in shopping for, distribution, and occupancy prices.
President and CEO Mark Worden expressed satisfaction with the quarter’s achievements, highlighting the corporate’s success in exceeding gross sales expectations and increasing gross revenue margins. Worden attributed the constructive final result to vital market share beneficial properties and sturdy gross sales momentum, significantly within the sandal class, which continued to expertise double-digit progress post-Easter.
Regardless of a 3.4% decline in comparable retailer gross sales in comparison with the earlier 12 months, tendencies improved considerably because the quarter progressed, culminating in progress in direction of the tip of the interval. Stock ranges additionally mirrored strategic administration, with a $22.1 million improve from the primary quarter of 2023, factoring within the $40 million stock from the Rogan’s acquisition, balanced by ongoing stock optimization efforts.
Trying forward, Shoe Carnival stays assured in its fiscal 2024 outlook, reiterating its expectation for web gross sales progress between 4% and 6% in comparison with fiscal 2023. The corporate forecasts GAAP EPS to vary from $2.50 to $2.70 and adjusted EPS from $2.55 to $2.75 for the complete 12 months, which hovers across the analyst consensus of $2.63.
The corporate’s strategic progress roadmap goals to exceed 500 shops by 2028, together with natural progress and strategic mergers and acquisitions. With the modernization of over 60% of Shoe Carnival shops accomplished, the corporate plans to proceed this initiative all through fiscal 2024, with capital expenditures anticipated to fall between $25 million and $35 million.
Shoe Carnival’s monetary place stays stable, ending the primary quarter with roughly $69.5 million in money, money equivalents, and marketable securities, and roughly $100 million in borrowing capability. This marks the nineteenth consecutive 12 months the corporate has concluded with no debt, a testomony to its prudent capital administration and operational effectivity.
This text was generated with the assist of AI and reviewed by an editor. For extra data see our T&C.
