Shoe Carnival Reports Q4 Results (SCVL)
Shares of footwear retailer, Shoe Carnival Inc. (NASDAQ: SCVL) edged down about 2.75% in afterhours trading on Monday after the company handed lower than expected fiscal fourth-quarter revenue and provided downbeat outlook on sales and earnings for the current quarter. The Company said unfavorably cold weather in the current will hurt sales.
For the current quarter, Shoe Carnival expects earnings to be in the range of 36 cents to 44 cents a share on net sales of $226 million to $232 million. Analysts polled by Thomson Reuters, on average, were expecting earnings of 57 cents a share on revenue of $240 million.
Speaking to analysts in earnings call, Shoe Carnival’s President and Chief Executive, Cliff Sifford said, “Last year unseasonably warm weather early in the spring selling season shifted sales of higher margin spring footwear from the second quarter into the first quarter, driving record first-quarter results. However, during March this year, we experienced cold, wet weather across our central and northern regions, generating comparatively slower sales of our higher margin spring sandal and athletic categories.”
For the fiscal fourth quarter ended February 2, the Evansville, IN based Company reported a profit of $3.2 million, or 13 cents a share, compared to a profit of $3.3 million, or 16 cents a share, in the same period of last year. Excluding onetime items, the Company posted earnings of 16 cents a share.
Revenue during the period rose 13% to $205.7 million but fell short of Street’s consensus estimate for $210 million. Comparable-store-sales rose marginally by 0.5%.
Gross margin increased to 29.2% from 28.3%, thanks to improvement in merchandise margins.
While input costs increased 12% to $145.6 million, selling, general and administrative expenses jumped 18% to $54.9 million.
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Post Written By: Ed Liston
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications. He is widely quoted in various financial publications on the Internet. When Ed is not writing about stocks, investing in stocks, talking about stocks, or otherwise doing something stock related, he likes to go sailing and fishing in his yacht.
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