Shoe Carnival reports results for the second quarter of fiscal 2024

Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading retailer of family footwear and accessories, today announced results for the second quarter ended August 3, 2024.

• Net sales for the quarter exceeded the company's expectations, increasing 12.9 percent year-over-year to $332.7 million.
• Earnings per share also exceeded the company's expectations, with second quarter 2024 GAAP earnings per share of $0.82 and adjusted earnings per share of $0.83.
• GAAP operating income increased 22.0 percent to $30.1 million and adjusted operating income increased 23.7 percent to $30.5 million year over year.
• The sales forecast for the 2024 financial year is increased to growth of 5 to 6 percent.

“Customer loyalty continued to exceed our expectations and sales momentum rapidly increased during our most important shopping event of the year, the back-to-school season. We achieved record net sales this quarter, exceeding any previous second quarter sales in our company's history. Gross profit margin increased year-over-year, we gained significant market share and delivered earnings for the quarter that exceeded our guidance,” said Mark Worden, President and CEO.