Shoe Carnival, Inc. SCVL reported third-quarter adjusted earnings per share of 71 cents, beating the street view of 67 cents.

Quarterly sales of $306.89 million missed the analyst consensus estimate of $316.95 million.

Quarterly sales reflected the impact of the retail calendar shift that resulted in approximately $20 million of net sales moving out of the third quarter of 2024 compared to the prior year.

Without the impact of the retail calendar shift, net sales increased by 2.2% versus the prior year.

“Our flexible digital-first marketing campaign and great brand assortment drove demand during this peak shopping period and profitability in line with expectations for the third quarter,” said Mark Worden, President and Chief Executive Officer.

Comparable store net sales dropped 4.1% for the quarter, impacted by two hurricanes disrupting operations and warm weather delaying winter boot sales.

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Gross profit margin for the quarter was 36.0%, marking the 15th consecutive quarter above 35%, but was 80 basis points lower than last year.

The company continues to expect Rogan’s acquisition to deliver net sales of over $80 million in fiscal 2024, with $22.3 million of net sales in the third quarter of 2024 and $63.9 million year-to-date in 2024.

As of November 21, the company operated 431 stores, with 361 Shoe Carnival stores, 42 Shoe Station stores and the 28 Rogan’s locations. One new Shoe Station store opened in third quarter was in Tennessee, expanding this banner into a new market.

At the end of third quarter, the company had approximately $91.1 million of cash, cash equivalents and marketable securities.

Outlook: Shoe Carnival lowered its FY24 net sales outlook to $1.20 billion – $1.23 billion (estimate: $1.23 billion), down from the previously expected $1.23 billion – $1.25 billion, but maintains adjusted EPS guidance of $2.60 – $2.75 (estimate: $2.63).

Price Action: SCVL shares are trading higher by 1.25% to $33.89 premarket at last check Thursday.

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