Shoe Carnival has released its third-quarter fiscal 2024 results, showing mixed performance amid external challenges.
Company's Financial Results
Shoe Carnival reported a GAAP EPS of $0.70 and an adjusted EPS of $0.71, meeting expectations. Despite challenges from two major hurricanes and warm weather, the company achieved a net income of $19.2 million, compared to $21.9 million the previous year. Net sales were $306.9 million, down due to a $20 million retail calendar shift.
Impact of Rogan Shoes Acquisition
The acquisition of Rogan Shoes significantly contributed to the quarter's results, adding $22.3 million to net sales. The integration is ahead of schedule, positively affecting overall performance. The store rebanner strategy also exceeded expectations.
Outlook for Fiscal Year 2024
Shoe Carnival reiterated full-year fiscal 2024 guidance, forecasting GAAP EPS between $2.55 and $2.70, and adjusted EPS of $2.60 to $2.75. Net sales are expected to be $1.20 - $1.23 billion, reflecting a growth of 2% - 4.5% over the previous year. The company plans to continue its store rebanner strategy.
Despite challenging conditions, Shoe Carnival has achieved notable success in certain areas and remains on track with its fiscal 2024 plans.
