By Dean Seal
Shoe Carnival said it expects sales to decline this fiscal year and guided for earnings that were below Wall Street estimates, weighing on shares.
The footwear retailer expects sales of $1.15 billion to $1.23 billion for the fiscal year that started Feb. 2, down 2% to 4% from last year's total. Analysts polled by FactSet had been forecasting $1.24 billion.
Full-year earnings are expected to come in at $1.60 to $2.10 a share, missing analyst projections for $2.67 a share, according to FactSet.
Shares sank 16% to $19.02 in premarket trading.
For the fiscal fourth-quarter ended Feb. 1, Shoe Carnival posted a profit of $14.7 million, or 53 cents a share. That's down from $15.5 million, or 57 cents a share, in the same period a year earlier.
Stripping out merger and integration expenses, adjusted earnings were 54 cents a share. Analysts polled by FactSet had been expecting 43 cents a share.
Sales fell 6.2% to $262.9 million. Adjusted for one fewer selling week than it had a year earlier, the company's sales were $2 million higher year-over-year thanks to strength at its Shoe Station subsidiary and its Rogan Shoes acquisition.
Comparable sales were down 6.3%, largely from continued declines at the main Shoe Carnival banner. Analysts had been expecting a decline of 3.5%.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
March 20, 2025 06:39 ET (10:39 GMT)
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