Shoe Carnival(SCVL)2024-11-21 11:30Financial Performance - Third quarter 2024 GAAP EPS was 0.71, meeting expectations[1] - Year-to-date 2024 net sales grew by 4.9% compared to the prior year, totaling 306.9 million, down from 20 million in sales[5] - Comparable store net sales for the thirteen-week period ended November 2, 2024, declined by 4.1% compared to the same period in 2023[6] - Third quarter 2024 net income was 0.70 per diluted share, compared to 0.80 per diluted share, in the prior year[11] - Adjusted net income for the thirteen weeks ended November 2, 2024, was 21,861,000 in the prior year[33] - Reported net income for the thirty-nine weeks ended November 2, 2024, was 57,828,000 or 6.5% for the same period in 2023[34] - Adjusted net income for the thirty-nine weeks ended November 2, 2024, was 57,828,000 or 6.5% for the same period in 2023[34] Sales and Revenue - The Rogan's acquisition is expected to deliver over 22.3 million in the third quarter alone[13] - Fiscal 2024 net sales guidance has been updated to a range of 1.23 billion, reflecting growth of 2% to 4.5% versus Fiscal 2023[19] - Net sales for the thirteen weeks ended November 2, 2024, were 319,914,000 for the same period last year, representing a decrease of approximately 4.0%[28] Profitability Metrics - Gross profit margin for the third quarter 2024 was 36.0%, marking the 15th consecutive quarter above 35%, but down 80 basis points from the prior year[8] - Gross profit for the thirteen weeks ended November 2, 2024, was 24,529,000, a decrease of 12.0% from 0.71, down from 337,125,000, or 35.9% of net sales, consistent with the previous year[34] - Reported operating income for the thirty-nine weeks ended November 2, 2024, was 73,536,000 or 8.2% for the same period in 2023[34] - Adjusted operating income for the thirty-nine weeks ended November 2, 2024, was 73,536,000 or 8.2% for the same period in 2023[34] Expenses and Liabilities - SG&A expenses as a percentage of net sales were 28.0%, slightly improved from 28.1% in the prior year[9] - Total liabilities increased to 453,566,000 as of October 28, 2023, indicating a rise of approximately 7.8%[30] - Selling, general and administrative expenses for the thirty-nine weeks ended November 2, 2024, were 248,147,000 or 27.7% for the same period in 2023[34] Cash and Assets - Total current assets increased to 462,039,000 as of October 28, 2023, representing an increase of approximately 14.1%[31] - Cash and cash equivalents at the end of the period were 99,000,000 at the beginning of the period, reflecting a decrease of approximately 21.8%[32] Future Outlook - The company plans to rebanner 25 additional Shoe Carnival stores to Shoe Station stores in the first half of Fiscal 2025[2][15] - The fiscal 2024 outlook for net income per diluted share (GAAP) ranges from 2.70[35] - Adjusted diluted net income per share for fiscal 2024 is projected to be between 2.75[35]