Shoe Carnival Q1 same-store sales down 3.9 percent, lowers outlook

Shoe Carnival comparable store sales in the first quarter of fiscal 2017 decreased 3.9 percent as a result of a slower start to the fiscal year. The company now expects fiscal year 2017 net sales to be in the range of 1.002 billion dollars to 1.018 billion dollars, with comparable store sales flat to down low single digits, and earnings per diluted share in the range of 1.30 dollars to 1.45 dollars.

Commenting on the results, Cliff Sifford, Shoe Carnival’s President and CEO said in a media release, “Our sales results improved as we progressed through the first quarter, but it was not enough to offset the soft start we experienced at the beginning of the year with comparable store sales down mid-teens in February. We primarily attribute the decline in our February sales to the delay in tax refund checks.”

The company’s current FY17 expectations compare to its prior outlook for net sales of 1.028 billion dollars to 1.040 billion dollars, with comparable store sales flat to up low single digits and earnings per diluted share of 1.45 dollars to 1.54 dollars. Fiscal 2016 earnings per diluted share were 1.28 dollars and adjusted earnings per diluted share were 1.40 dollars.