EVANSVILLE, Ind. - Shoe Carnival Inc. (NASDAQ:SCVL) shares surged 3.2% after the footwear retailer posted better-than-expected second quarter results and raised its full-year outlook.
The company reported adjusted earnings per share of $0.83 for the quarter ended August 3, topping analyst estimates of $0.81. Revenue rose 12.9% YoY to $332.7 million, exceeding the consensus forecast of $331.47 million.
Shoe Carnival (NYSE:CCL)'s strong performance was driven by robust Back-to-School sales, with comparable store sales growth achieved in August. The company noted particular strength in children's and athletic footwear categories.
"Customer engagement continued to exceed our expectations and sales momentum accelerated rapidly during our most important shopping event of the year, the Back-to-School season," said President and CEO Mark Worden.
Looking ahead, Shoe Carnival raised its fiscal 2024 guidance, now expecting earnings per share of $2.60-$2.75 on revenue of $1.23-$1.25 billion. This compares favorably to analyst projections of $2.74 EPS and $1.24 billion in revenue.
The company also increased its comparable store sales forecast, now anticipating a range of -1.5% to +1% for the full year versus its prior outlook of -3% to +1%.
Shoe Carnival ended the quarter with $84.5 million in cash and marketable securities, up $37.7 million from the prior year.
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