EVANSVILLE, Ind. – Shoe Carnival Inc. (NASDAQ:) shares rose 3.2% after the footwear retailer posted better-than-expected second-quarter results and raised its full-year guidance.
The company reported adjusted earnings per share of $0.83 for the quarter ended August 3, exceeding analyst expectations of $0.81. Revenue rose 12.9% year over year to $332.7 million, beating the consensus forecast of $331.47 million.
Shoe Carnival’s (NYSE:) strong performance was driven by robust Back-to-School sales, delivering comparable sales growth in August. The company noted particular strength in the children’s and sports footwear categories.
“Customer engagement continued to exceed our expectations and sales momentum quickly accelerated during our most important retail event of the year, Back-to-School Season,” said President and CEO Mark Worden.
Looking ahead, Shoe Carnival has raised its guidance for fiscal 2024 and now expects earnings per share of $2.60-$2.75 on revenue of $1.23-$1.25 billion. This compares favorably to analyst expectations of $2.74 in earnings per share and $1.24 billion in revenue.
The company also raised its comparable store sales forecast, now calling for a full year margin of -1.5% to +1%, compared to the previous guidance of -3% to +1%.
Shoe Carnival ended the quarter with $84.5 million in cash and marketable securities, an increase of $37.7 million from the prior year.
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