Shoe Carnival beats Q1 expectations with increased sales and plans for future growth

From Investing.com: 2024-05-23 07:02:09

Shoe Carnival (NASDAQ:) has exceeded Q1 2024 expectations with adjusted EPS of $0.64, beating the $0.57 estimate, and revenue hitting $300.36 million, surpassing the projected $285.95 million. The company saw a 6.8% boost in net sales, attributed to increased gross profit margins and successful market share gains.

President and CEO Mark Worden praised Shoe Carnival’s performance, citing strong sales momentum and market share expansion. Despite a 3.4% dip in comp store sales, Q1 trends improved over time, with inventory management strategies positively impacting results. The company plans to continue its growth trajectory, aiming to surpass 500 stores by 2028.

Shoe Carnival remains optimistic about fiscal 2024, expecting net sales growth between 4% and 6% compared to 2023. The company forecasts GAAP EPS between $2.50 and $2.70 and adjusted EPS between $2.55 and $2.75 for the year, in line with analyst consensus. With a solid financial position and debt-free status, Shoe Carnival is well-positioned for future growth and expansion.



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