Shoe Carnival（納斯達克代碼：SCVL）在第四季度財報發佈後，週四盤前股價下跌。 公司報告第四季度銷售額同比下降6.2%，至2.6294億美元，未達到分析師預期的2.7421億美元。 同店銷售額在本季度下降6.3%，主要原因是Shoe Carnival在非活動期的持續下滑。 毛利下降8%至9167萬美元，利潤率收縮70個基點至34.9%。調整後每股收益（EPS）爲0.54美元，超出市場預期的0.43美元。 銷售、一般及行政費用同比下降2.6%，至7760萬美元。經營利潤率從7.1%壓縮至5.3%，季度經營收入下降29%至1400萬美元。 截至2024財年末，公司擁有約1.231億美元的現金、現金等價物及有價證券，同比增長1190萬美元。十二個月的經營現金流總計1.026億美元。 截至2025年3月20日，公司運營着431家門店，包括346家Shoe Carnival門店、57家Shoe Station門店和28家Rogan’s門店。 2025年3月，公司董事會批准將股息增加11.1%至每股0.15美元，股息將在4月21日支付，股權登記日爲4月7日。 截至2025年3月20日，公司在股票回購計劃中仍有5000萬美元可供未來回購。在2024財年，公司未回購任何股票。 Shoe Carnival表示，自2021年12月收購Shoe Station以來，公司一直在評估客戶分析和市場數據，並制定策略以擴展Shoe Station。 今天，公司宣佈了一項新的長期戰略，計劃在未來24個月內將175家門店更名爲Shoe Station。 2025財年，公司預計將把50至75家Shoe Carnival門店改爲Shoe Station門店。公司預計第一年的投資將導致2025財年EPS約減少0.65美元。 到2027財年，公司預計這些改名門店的淨銷售額將增長超過10%，利潤貢獻將增加超過20%。 前景展望： Shoe Carnival預測2025財年每股收益爲1.60至2.10美元，包括更名戰略的第一年成本，低於市場預期的3.32美元。 Shoe Carnival預計2025財年淨銷售額爲11.5億至12.3億美元，低於市場預期的12.4億美元。這意味着相較於2024財年下跌4%至增長2%。 公司預計2025財年的資本支出爲4500萬至5000萬美元。 價格變動： 截至最後檢查時，SCVL股價在週四盤前交易下跌1.28%至22.36美元。

以上內容來自Benzinga Earnings專欄，原文如下：

Shoe Carnival Inc (NASDAQ:SCVL) shares are trading lower in premarket on Thursday after the fourth-quarter earnings result.

The company reported a fourth-quarter sales decline of 6.2% year-on-year to $262.94 million, missing the analyst consensus estimate of $274.21 million.

Comparable store sales declined 6.3% in the quarter, primarily from continued Shoe Carnival declines during nonevent periods.

Gross profit fell 8% to $91.67 million, with the margin contracting 70 basis points to 34.9%. Adjusted EPS of 54 cents beat the consensus estimate of 43 cents.

Selling, general and administrative expenses fell 2.6% Y/Y to $77.6 million. The operating margin compressed from 7.1% to 5.3%, and operating income for the quarter declined 29% to $14 million.

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At the end of fiscal 2024, the company had approximately $123.1 million of cash, cash equivalents and marketable securities, an increase of $11.9 million compared to prior year. Operating cash flow for twelve months totaled $102.6 million.

As of March 20, 2025, the company operated 431 stores, with 346 Shoe Carnival stores, 57 Shoe Station stores and 28 Rogan’s stores.

In March 2025, the company’s Board of Directors approved an 11.1% dividend increase to 15.0 cents per share, payable on April 21, to shareholders of record as of the close of business on April 7. 

As of March 20, 2025, the company has $50 million available for future repurchases under its share repurchase program. During fiscal 2024, the company did not repurchase any shares.

Growth Strategy: Shoe Carnival said it has been evaluating customer analytics and market data and developing strategies to expand Shoe Station since acquiring the chain in December 2021.

Today, the company announced a new long-term strategy to scale up Shoe Station rapidly. The first investment phase is to rebanner 175 stores to the Shoe Station banner over the next 24 months.

During fiscal 2025, the Company expects to rebanner between 50 to 75 Shoe Carnival stores to Shoe Station stores. The company expects the first-year investment to result in an approximate $0.65 decline in fiscal 2025 EPS. 

In fiscal 2027, the company expects that net sales from these rebannered stores to be over 10% higher and profit contribution to increase over 20% compared to the stores before being rebannered.

Outlook: Shoe Carnival sees FY25 EPS of $1.60 – $2.10, including the rebanner strategy’s initial year costs, versus the consensus of $3.32.

Shoe Carnival sees FY25 net sales of $1.15 billion – $1.23 billion versus an estimate of $1.24 billion. This represents a range of down 4% to up 2% versus fiscal 2024.

The company expects FY25 capital expenditure of $45 million – $50 million.

Price Action: SCVL shares traded lower by 1.28% at $22.36 in premarket at last check Thursday.

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