Press release
Shoe Carnival Reports Second Quarter Fiscal 2024 Results
EVANSVILLE, Ind.--(BUSINESS WIRE)-- Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of footwear and accessories for the family, today
About this update from Shoe Carnival, Inc.
[{"type":"text","content":" EVANSVILLE, Ind.--(BUSINESS WIRE)--\nShoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of footwear and accessories for the family, today reported results for the second quarter ended August 3, 2024.\n\n\n\nNet sales in the quarter exceeded the Company’s expectation, increasing 12.9 percent versus prior year to $332.7 million.\n\n\n\nEPS also exceeded the Company’s expectation with second quarter 2024 GAAP EPS of $0.82 and Adjusted EPS of $0.83.\n\n\n\nGAAP operating income increased 22.0 percent to $30.1 million and Adjusted operating income increased 23.7 percent to $30.5 million versus prior year.\n\n\n\nFiscal 2024 sales guidance range is increased to growth of 5 percent to 6 percent.\n\n\n\n“Customer engagement continued to exceed our expectations and sales momentum accelerated rapidly during our most important shopping event of the year, the Back-to-School season. We achieved a net sales record this quarter, surpassing all previous second quarter sales in our company’s history. Gross profit margin expanded versus prior year, we gained significant market share, and we delivered earnings above our guidance in the quarter,” said Mark Worden, President and Chief Executive Officer.\n\n\n“Our Back-to-School results were very strong with comparable sales growth achieved in August, driven by the children’s and athletic categories. Our long-term strategies to increase sales and drive profitability are working, and we are well positioned to further increase shareholder value and execute on our vision to be the nation’s leading family footwear retailer,” concluded Mr. Worden.\n\n\nSecond Quarter Operating Results\n\n\nNet sales in second quarter 2024 were $332.7 million, increasing 12.9 percent compared to second quarter 2023. The total net sales performance exceeded the Company’s expectation, with double-digit growth in Shoe Station, continued strengthening trends in Shoe Carnival and increases in ecommerce. Sales from the February 2024 acquisition of Rogan Shoes, Incorporated (“Rogan’s”) were in line with the Company’s expectation for the quarter and continue to be in line with the Company’s full year sales expectation.\n\n\nGross profit margin increased 30 basis points to 36.1 percent in second quarter 2024 primarily on leverage in buying, distribution and occupancy on the higher sales. Second quarter 2024 mar...