Shoe Carnival +5% After Q1 Earnings - What's Going On?
Portfolio Pulse from Nabaparna Bhattacharya
Shoe Carnival (NASDAQ: SCVL) shares rose by 5.5% after the company reported strong Q1 earnings. Net sales increased by 6.8% year over year to $300.4 million, beating expectations. The company also saw improvements in gross profit margin and operating income. Shoe Carnival reiterated its FY24 adjusted EPS outlook and plans to expand its store count to over 500 by 2028.
May 23, 2024 | 4:27 pm
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Shoe Carnival reported strong Q1 earnings with net sales of $300.4 million, a 6.8% increase year over year, and beat revenue expectations. The company also saw improvements in gross profit margin and operating income. SCVL shares rose by 5.5% following the announcement.
The strong Q1 earnings report, including a significant increase in net sales and beating revenue expectations, positively impacted SCVL's stock price. The company's strategic growth plans and reiterated FY24 outlook further support a positive short-term outlook.
CONFIDENCE 95
IMPORTANCE 90
RELEVANCE 100