Shoe Carnival Q4 Revenue Misses By A Whisker, Margin Shrinks
Portfolio Pulse from Shivani Kumaresan
Shoe Carnival Inc (NASDAQ:SCVL) reported a Q4 FY23 sales decline of 3.7% Y/Y to $280.17 million, slightly missing estimates. Comparable store sales fell 9.4%, and gross profit dropped 10.4% Y/Y. The company announced a dividend increase of 12.5% and has $50 million available for future share repurchases. FY24 EPS is expected to be $2.55 - $2.75, below the consensus of $2.84, with net sales projected between $1.21 billion and $1.25 billion. SCVL shares closed up 3.23% at $32.95.
March 21, 2024 | 12:24 pm
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NEUTRAL IMPACT
Shoe Carnival reported a slight miss in Q4 sales, a decrease in comparable store sales, and a drop in gross profit. Despite this, the company announced a dividend increase and provided a lower than expected FY24 EPS guidance.
The slight miss in Q4 sales and lower FY24 EPS guidance could be seen as negative, but the dividend increase and the share price closing up 3.23% indicate a mixed short-term impact. The company's proactive measures, such as the dividend increase and share repurchase availability, may offset concerns over the earnings miss and lower future earnings guidance.
CONFIDENCE 90
IMPORTANCE 85
RELEVANCE 100