Evansville, IN—Shoe Carnival Inc. said Thursday that its second quarter earnings met expectations, but gave a conservative outlook below what was expected.
For the quarter ended August 3, the footwear specialty retailer posted net income of $6 million, or 29 cents a share, compared with $3 million, or 14 cents a share, a year ago.
Net sales were up 18% to $216.4 million while comparable store sales increased 2.6%.
Analysts’ average estimate expected earnings of 29 cents a share on sales of $219.16 million.
Gross margin edged up to 28.9% from 28.7% a year ago while merchandise margin decreased 0.7%, while buying, distribution and occupancy costs decreased 0.9% as a percentage of sales.
“In the second quarter, our selection of women’s seasonal and children’s footwear drove our comparable store sales increase. We are pleased our sales increase, when combined with our team’s focus on managing the controllable aspects of our business, enabled us to achieve earnings towards the high-end of our guidance,” said Cliff Sifford, president/ceo.
Looking ahead to third quarter, Shoe Carnival expects earnings between 51 cents a share to 55 cents a share on revenue between $236 million and $240 million. However, analysts’ consensus expects earnings of 57 cents per share on revenue of $241.5 million.
“The overall consumer discretionary spending environment remains challenging and we believe it is prudent to have a conservative outlook on our business for the third quarter,” Sifford said. “With the back-to-school selling period winding down, we expect a comparable store sales increase of approximately 1% for the fiscal month of August. This is on top of a high single-digit comparable store sales increase during the fiscal month of August last year.”
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