Shoe Carnival, a US footwear and accessories retailer, has recorded net sales of $332.69m in the second quarter (Q2) of fiscal 2024 (FY24), up 12.9% from $294.61m in Q2 FY23.
The retailer’s comparable store sales for the quarter declined by 2.1% compared to the same quarter of the previous year.
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During the 13 weeks ended 3 August 2024, the net income of Shoe Carnival was $22.57m, against $19.44m in Q2 FY23.
Its earnings per diluted share (EPS) also rose to $0.82 in Q2 FY24 from $0.71 in Q2 FY23.
This was driven by the improvement in net sales and higher gross profit margin.
Shoe Carnival reported operating income of $30.07m during the quarter, representing a 22.0% growth from $24.66m in Q2 FY23.
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By GlobalDataThe retailer’s gross profit was $119.94m in Q2 FY24, compared with $105.46m in Q2 FY23. Its gross profit margin also increased 30 basis points to 36.1% in the second quarter of 2024.
Shoe Carnival’s merchandise inventory also increased by $16.1m to $425.5m in Q2 FY24.
Shoe Carnival president and chief executive officer Mark Worden said: “Customer engagement continued to exceed our expectations and sales momentum accelerated rapidly during our most important shopping event of the year, the Back-to-School season.
“We achieved a net sales record this quarter, surpassing all previous second-quarter sales in our company’s history. Gross profit margin expanded versus the prior year, we gained significant market share, and we delivered earnings above our guidance in the quarter.”
The retailer anticipates third-quarter net sales to be around $320m and GAAP [generally accepted accounting principles] EPS [earnings per share] to be approximately $0.70 during the quarter.
For the full year 2024, Shoe Carnival expects net sales in the range between $1.23bn and $1.25bn, representing a 5% to 6% growth from FY23.
It expects GAAP EPS to increase in the range of $2.55 to $2.70, compared to the previously expected range of $2.50 to $2.70.
The retailer operated a network of 430 stores as of 5 September 2024.
