By Denny Jacob
Shoe Carnival posted a wider-than-expected sales decline in its latest quarter and dialed back its revenue outlook as weather disrupted operations and typical business cycles.
The footwear retailer Thursday reported net income of $19.2 million, or 70 cents a share, for the third quarter ended Nov. 2, down from $21.9 million, or 80 cents a share, a year earlier.
Stripping out one-time items, earnings came in at 71 cents a share. Analysts polled by FactSet expected 67 cents a share. Sales edged down to $306.9 million from $319.9 million a year earlier. Analysts polled by FactSet expected $317 million.
The Evansville, Ind., company said sales benefited from the back-to-school season as well as sales from Rogan Shoes, which it acquired in February.
Chief Executive Mark Worden said the quarter's profit came despite two hurricanes disrupting sales and a warm October delaying the start of winter boot season.
For 2024, Shoe Carnival now expects sales to range between $1.2 billion and $1.23 billion compared to prior guidance in the range of $1.23 billion and $1.25 billion.
Shares of Shoe Carnival fell 2% to $32.80 in premarket trading.
Write to Denny Jacob at denny.jacob@wsj.com
(END) Dow Jones Newswires
November 21, 2024 06:47 ET (11:47 GMT)
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