Shoe Carnival, Inc. has reported its third-quarter fiscal 2024 results, highlighting several key metrics. The company achieved GAAP EPS of $0.70 and adjusted EPS of $0.71. Year-to-date 2024 net sales grew by 4.9 percent compared to the prior year. Additionally, the company reiterated its EPS guidance for the full year fiscal 2024 and expanded its store rebannering test to 25 additional stores in the first half of fiscal 2025.
Net sales for the third quarter of 2024 were $306.9 million, down from $319.9 million in the third quarter of 2023 due to a retail calendar shift. Without the impact of the shift, net sales increased by 2.2 percent versus the prior year. Year-to-date net sales totaled $939.9 million, representing a 4.9 percent increase compared to the prior year, which includes the material impacts of the retail calendar shift.
Gross profit margin in the third quarter of 2024 was 36.0 percent, slightly lower than the prior year. Operating income for the same period totaled $24.5 million, down from $27.9 million in the third quarter of 2023. Net income for the third quarter of 2024 was $19.2 million, or $0.70 per diluted share, compared to $21.9 million, or $0.80 per diluted share in the third quarter of 2023. Year-to-date net income and EPS increased by 2.2 percent and 1.9 percent, respectively, versus the prior year.
The company's store rebanner growth strategy saw seven Shoe Carnival stores being rebannered to Shoe Station stores in the third quarter of 2024, with plans to rebanner an additional 25 stores in the first half of fiscal 2025. The share repurchase program had $50 million available for future repurchases as of November 21, 2024, and the company did not repurchase any shares during the third quarter of 2024.
As of the end of the third quarter of 2024, the company had approximately $91.1 million of cash, cash equivalents, and marketable securities, an increase of $20.0 million compared to the prior year. Operating cash flow year-to-date 2024 totaled $58.1 million.
Looking ahead, the company updated its fiscal 2024 outlook, with adjusted EPS expected to be in the range of $2.60 to $2.75. The retail calendar shift and the impact of a 52-week year compared to a 53-week year in fiscal 2023 are expected to result in the loss of approximately $20 million in net sales in the fourth quarter of 2024 compared to the fourth quarter of 2023, with an estimated negative impact of approximately $0.10 on EPS.
Shoe Carnival, Inc. operates 431 stores as of November 21, 2024, and continues to focus on its store rebanner growth strategy, capital management, and cash flow. The company can be found on the NASDAQ Stock Market LLC under the symbol SCVL. Today the company's shares have moved 1.0% to a price of $33.81. If you want to know more, read the company's complete 8-K report here.
