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<p class="has-drop-cap">Shoe Carnival, Inc. (NASDAQ: SCVL) announced its <a href="https://investors.shoecarnival.com/news/news-details/2024/Shoe-Carnival-Reports-Second-Quarter-Fiscal-2024-Results/default.aspx" target="_blank" aria-label="second-quarter fiscal 2024 results (opens in a new tab)" rel="noopener noreferrer nofollow" class="deco-link">second-quarter fiscal 2024 results</a>, highlighting robust performance across key metrics. <br><br>For the quarter ending August 3, 2024, the company achieved net sales of $332.7 million, marking a 12.9% increase compared to the same period in 2023. This figure represents a record for the company, outpacing all previous second-quarter sales in its history.</p>
<p>The growth was driven by strong customer engagement and a significant boost during the Back-to-School season. Gross profit margin for the quarter rose by 30 basis points to 36.1%, continuing a 14-quarter streak of exceeding 35%. The company attributed this improvement to better leverage in buying, distribution, and occupancy costs. Shoe Carnival’s operating income also saw a notable increase of 22.0% year-over-year, totaling $30.1 million.</p>
<p>Higher net sales and an expanded gross profit margin fueled this growth. Net income for the quarter was reported at $22.6 million, or $0.82 per diluted share, compared to $19.4 million, or $0.71 per share, in the second quarter of 2023.</p>
<h3 id="shoe-carnival-beats-eps-revenue-expectations-in-q2-fiscal-year-2024">Shoe Carnival Beats EPS, Revenue Expectations in Q2 Fiscal Year 2024</h3>
<p>Shoe Carnival’s second-quarter performance surpassed market expectations. Analysts had projected an <a href="https://tokenist.com/investing/how-to-value-a-stock/" rel="noopener noreferrer nofollow" class="deco-link">earnings per share (EPS)</a> of $0.81 and revenue of $331.45 million. The company outperformed these estimates, delivering a GAAP EPS of $0.82 and adjusted EPS of $0.83, alongside net sales of $332.7 million.</p>
<p>This strong showing underscores the effectiveness of the company’s strategies and its ability to capitalize on peak shopping periods. The company’s comparable store sales for the 13-week period ending August 3, 2024, saw a 2.1% decline compared to the same period in 2023.</p>
<p>However, this decline was an improvement over the first quarter of 2024, indicating positive momentum. Despite the dip in comparable store sales, overall sales growth and profitability metrics exceeded expectations. The acquisition of Rogan Shoes, Incorporated in February 2024 also contributed to the company’s performance, aligning with full-year sales expectations.</p>
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<h3 id="shoe-carnival-ups-guidance-for-fiscal-2024">Shoe Carnival Ups Guidance for Fiscal 2024</h3>
<p>Based on the year-to-date results and the strong performance during the Back-to-School season, Shoe Carnival has revised its fiscal 2024 guidance upwards. The company now expects net sales to range between $1.23 billion and $1.25 billion, representing a growth of 5% to 6% compared to fiscal 2023.</p>
<p>This is an increase from the previous guidance range of $1.21 billion to $1.25 billion. Comparable store sales are projected to range from a decline of 1.5% to an increase of 1%, with expected growth of flat to up 5% for the combined third and fourth quarters of fiscal 2024. In terms of earnings, Shoe Carnival has adjusted its GAAP EPS guidance to a range of $2.55 to $2.70, up from the prior range of $2.50 to $2.70.</p>
<p>Adjusted EPS is now expected to fall between $2.60 and $2.75, an increase from the previous range of $2.55 to $2.75. The company notes that fiscal 2024 is a 52-week year compared to a 53-week year in fiscal 2023, which, along with a retail calendar shift, will result in a loss of approximately $20 million in net sales in the fourth quarter of 2024.</p> <iframe src="https://tokenist.substack.com/embed" width="100%" height="320" style="border:1px solid #EEE; background:white;" frameborder="0" scrolling="no"></iframe>
<p><em>Disclaimer: The author does not hold or have a position in any securities discussed in the article.</em><br></p>
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<p>The post <a rel="noopener noreferrer nofollow" href="https://tokenist.com/shoe-carnival-scvl-reports-record-sales-of-332-7-m-in-fiscal-q2-2024/">Shoe Carnival (SCVL) Reports Record Sales of $332.7 M in Fiscal Q2 2024</a> appeared first on <a rel="noopener noreferrer nofollow" href="https://tokenist.com">Tokenist</a>.</p>

Shoe Carnival (SCVL) Reports Record Sales of $332.7 M in Fiscal Q2 2024

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