Shoe Carnival(SCVL) - 2025 Q3 - Quarterly Results

Financial Performance - Third quarter 2024 GAAP EPS was $0.70, with Adjusted EPS at $0.71, meeting expectations[1] - Year-to-date 2024 net sales grew by 4.9% compared to the prior year, totaling $939.9 million[5] - Third quarter 2024 net sales were $306.9 million, down from $319.9 million in the same quarter of 2023, primarily due to a retail calendar shift impacting approximately $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 $19.2 million, or $0.70 per diluted share, compared to $21.9 million, or $0.80 per diluted share, in the prior year[11] - Adjusted net income for the thirteen weeks ended November 2, 2024, was $19,521,000, reflecting a decrease from $21,861,000 in the prior year[33] - Reported net income for the thirty-nine weeks ended November 2, 2024, was $59,101,000, representing 6.3% of net sales, compared to $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 $60,073,000, or 6.4% of net sales, compared to $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 $80 million in net sales for Fiscal 2024, with $22.3 million in the third quarter alone[13] - Fiscal 2024 net sales guidance has been updated to a range of $1.20 billion to $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 $306,885,000, compared to $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 $110,382,000, which is 36.0% of net sales, down from 36.8% in the prior year[33] - Operating income for the thirteen weeks ended November 2, 2024, was $24,529,000, a decrease of 12.0% from $27,935,000 in the same period last year[28] - Basic net income per share for the thirteen weeks ended November 2, 2024, was $0.71, down from $0.80 in the prior year[28] - Reported gross profit for the thirty-nine weeks ended November 2, 2024, was $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 $77,115,000, or 8.2% of net sales, compared to $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 $78,399,000, or 8.3% of net sales, compared to $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 $488,771,000 as of November 2024, compared 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 $260,010,000, or 27.7% of net sales, compared to $248,147,000 or 27.7% for the same period in 2023[34] Cash and Assets - Total current assets increased to $527,040,000 as of November 2024, compared 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 $77,235,000, down from $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 $2.55 to $2.70[35] - Adjusted diluted net income per share for fiscal 2024 is projected to be between $2.60 and $2.75[35]