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Adjusted EPS (Q3 2024): $0.71, in line with expectations.
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Year-to-Date Adjusted EPS: $2.19, an increase of 3.8% versus prior year.
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Gross Profit Margin (Q3 2024): 36%, exceeding 35% for the 15th consecutive quarter.
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Year-to-Date Net Sales: $939.9 million, an increase of 4.9% versus prior year.
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Year-to-Date Adjusted Operating Income: $78.4 million, an increase of 6.6% versus prior year.
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Net Sales (Q3 2024): $306.9 million, down 4.1% compared to prior year.
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Comparable Store Sales (Q3 2024): Down 4.1%.
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Inventory (End of Q3 2024): $406.6 million, an increase of $38.3 million versus prior year.
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Cash, Cash Equivalents, and Marketable Securities (End of Q3 2024): Approximately $91 million, an increase of $20 million versus prior year.
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Store Count (End of Q3 2024): 431 stores, including 361 Shoe Carnival stores, 42 Shoe Station stores, and 28 Rogan’s locations.
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Full Year 2024 Net Sales Guidance: $1.20 billion to $1.23 billion, reflecting growth of 2% to 4.5% versus fiscal 2023.
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Full Year 2024 Adjusted EPS Guidance: $2.60 to $2.75.
Release Date: November 21, 2024
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
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Shoe Carnival Inc (NASDAQ:SCVL) achieved a third-quarter adjusted EPS of $0.71, in line with expectations.
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Year-to-date adjusted EPS increased by 3.8% compared to the prior year.
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Gross profit margin exceeded 35% for the 15th consecutive quarter.
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The integration of Rogan Shoes was accelerated, capturing significant profit synergies six months ahead of schedule.
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The digital-first marketing strategy led to increased customer engagement and profit efficiencies.
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Sales were significantly impacted by hurricanes Helene and Milton, affecting about half of the stores.
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Persistently warm weather delayed the winter boot season, leading to a 35% decline in boot sales in October.
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Third-quarter net sales were down 4.1% compared to the prior year, partly due to a retail calendar shift.
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Comparable store sales declined by 4.1% in the third quarter.
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The company revised its full-year sales guidance downward due to lower-than-expected sales performance in the third quarter.
Q: Can you quantify the sales impact from the hurricanes, and have you seen any replacement buying in affected markets? A: Mark Worden, President and CEO, explained that about half of the sales loss was due to warm weather affecting boot sales, with the other half primarily from hurricane disruptions. They have not yet seen replacement buying but remain optimistic that colder weather and holiday shopping will drive sales recovery.
