Shoe Carnival Reports Second Quarter Fiscal 2024 Results

Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of footwear and accessories for the family, today reported results for its second quarter ended August 3, 2024.

• Net sales in the quarter exceeded the company’s expectations, increasing 12.9 percent from the prior year to $332.7 million.
• Earnings per share also beat the company’s expectations with GAAP earnings per share of $0.82 for the second quarter of 2024 and adjusted earnings per share of $0.83.
• GAAP operating income increased 22.0 percent to $30.1 million and adjusted operating income increased 23.7 percent to $30.5 million from last year.
• The sales forecast for fiscal year 2024 is increased to a growth of 5 to 6 percent.

“Customer engagement continued to exceed our expectations and sales momentum accelerated rapidly during our most important shopping event of the year, Back-to-School season. We achieved record net sales this quarter, surpassing all previous second quarter sales in our company’s history. Gross profit margin increased versus last year, we gained significant market share and delivered profits above our guidance in the quarter,” said Mark Worden, President and Chief Executive Officer.