Shares of Shoe Carnival (SCVL) tumbled 8.59% in pre-market trading on Thursday after the footwear retailer reported disappointing fourth-quarter results and provided a weaker-than-expected outlook for fiscal year 2025.

The company's fourth-quarter sales came in at $262.94 million, missing analyst expectations of $274.21 million and falling 6.15% year-over-year. Comparable store sales declined 6.3% during the quarter, primarily due to continued declines at the main Shoe Carnival banner. While adjusted earnings per share of $0.54 beat estimates of $0.43, it still represented a decrease from $0.59 in the same period last year.

Adding to investor concerns, Shoe Carnival's guidance for fiscal year 2025 fell short of Wall Street projections. The company expects full-year sales between $1.15 billion and $1.23 billion, below the analyst consensus of $1.24 billion. Earnings per share are forecast at $1.60 to $2.10, significantly lower than the $2.67 per share analysts were expecting. The company also announced plans to rebanner 50 to 75 Shoe Carnival stores to Shoe Station stores in fiscal 2025, a move expected to decrease earnings per share by approximately $0.65 due to associated costs and temporary store closures.