- Shoe Carnival Inc (NASDAQ:SCVL) reported a first-quarter FY22 sales decline of 3.3% year-on-year to $317.53 million, beating the consensus of $314.05 million.
- Net sales increased 25.1% from pre-pandemic 1Q19, driven by the new customer acquisition.
- EPS of $0.95 beat the consensus of $0.86.
- Gross profit fell 13.3% Y/Y to $112.9 million, with the margin contracting 410 basis points to 35.5%.
- Selling, general and administrative expenses rose 6.8% Y/Y to $77.5 million.
- The operating margin was 11.1%, and operating income for the quarter declined 38.6% to $35.4 million.
- Shoe Carnival held $97 million in cash and equivalents as of April 30, 2022. Net cash provided by operating activities for the quarter totaled $17.7 million.
- Outlook: Shoe Carnival raised its FY22 EPS outlook to $3.95 - $4.15 from $3.80 - $4.10, versus the consensus of $4.10.
- SCVL reiterated its FY22 sales growth guidance of 4% - 7%.
- Price Action: SCVL shares are trading lower by 13.1% at $27.53 on the last check Wednesday.
