Shoe Carnival Inc Reports 7.5% Drop in Q1 Net Sales

By Philip Seaworth • Friday, May 30 15:29 • Permanent Link

Shoe Carnival, Inc. (NASDAQ: SCVL) has reported its first quarter fiscal 2025 results, revealing notable changes in key financial metrics compared to the same period in 2024. Here are some specific figures:

The company reported a 7.5% decrease in total net sales for the first quarter of 2025, amounting to $277.7 million, compared to $300.4 million in the first quarter of 2024.
Comparable stores net sales declined by 8.1% in the first quarter of 2025, with the company estimating that approximately 1% of this decrease was due to lost sales impacted by the rebanner strategy.
Gross profit margin for the first quarter of 2025 was reported at 34.5%, a decrease from 35.6% in the first quarter of 2024.
Net income for the first quarter of 2025 was $9.3 million, or $0.34 per diluted share, compared to $17.3 million, or $0.63 per diluted share, in the first quarter of 2024.
The company's cash reserves and marketable securities grew by $23.5 million compared to the balances at the end of the first quarter of 2024, reaching approximately $93.0 million by the end of the first quarter of 2025.
Shoe Carnival had 429 stores as of May 3, 2025, including 334 Shoe Carnival stores, 67 Shoe Station stores, and 28 Rogan's stores. The Shoe Station store count has more than doubled since the end of the first quarter of 2024.

The company also reaffirmed its fiscal 2025 outlook, which includes expectations for net sales, GAAP EPS, gross profit margin, SG&A, and capital expenditures. Additionally, Shoe Carnival announced an ambitious expansion of its rebanner strategy, with Shoe Station now expected to represent over 80% of its store fleet by March 2027, up from the previous target of 51%.

Shoe Carnival's first quarter results and strategic initiatives reflect its ongoing transformation and expansion plans as it aims to solidify its position as a national leader in footwear. The company's focus on the rebanner strategy and the growth of its Shoe Station banner are key components of its long-term growth strategy.

For more details on Shoe Carnival's first quarter fiscal 2025 results and its future outlook, interested parties can refer to the company's press releases and annual reports available on its website. As a result of these announcements, the company's shares have moved 4.47% on the market, and are now trading at a price of $19.265. For the full picture, make sure to review SHOE CARNIVAL INC's 8-K report.

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