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Shoe Carnival Drops FY Guidance on ‘Very Sluggish’ Start to Fall Season


Sales in the most recent quarter fell below expectations for Shoe Carnival, but the chain sees itself in a good position in several areas despite an overall retail family footwear segment that has contracted by approximately 10 percent in dollars year-to-date. Due to extremely soft boot sales that were impacted by warm, dry weather and unexpected challenges in the latter part of Q3, Shoe Carnival’s results came in below expectations for the period ended Oct. 28.

As a result of that and poor seasonal category performance to date, the chain has opted to take a cautious approach to the remainder of its fiscal year. SCVL’s annual guidance now calls for negative 8.5 to negative 9.5 percent comparable store sales growth, total net sales of $1.16 to $1.18 billion and net income of $72 to $75 million.

Despite low-double digit sales growth in children’s footwear in Q3, Shoe Carnival realized a 6.4 percent drop in quarterly net sales to $319.9 million and a 7.4 percent decline in comparable store sales as net income sunk by 33 percent to $21.9 million.

Nonetheless, the chain is encouraged by many of its metrics, including its tight control over inventory levels and ability to perform better than the family footwear sector at large. More than 55 percent of doors have been remodeled and the percentage should reach 65 percent by Summer 2024. Also, 70 percent of stores have been updated with Nike shops or multi-branded athletic shops.

Additionally, the company is encouraged by the performance of its 28-door, Shoe Station banner that caters to higher-income consumers in its markets. Shoe Station has been integrated into Shoe Carnival’s CRM platform and its online business at has been launched.