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- Shoe Carnival Inc (NASDAQ:SCVL) reported a fourth-quarter FY22 sales decline of 7.2% year-on-year to $290.8 million, missing the consensus of $309.59 million.
- Net sales grew 21.2% compared to 4Q19, and comparable store sales increased 12.6%.
- EPS of $0.79 missed the consensus of $0.80.
- Q4 gross profit margin expanded by 100 bps to 38.3% compared to 4Q21, reflecting higher merchandise margins in 4Q22 and $1.1 million of Shoe Station acquisition-related charges in 4Q21.
- Operating income for the quarter was $28.7 million, and the margin was 9.9%, up from 8.9% in 4Q21.
- Shoe Carnival ended 2022 with an inventory of $390.4 million, an increase of $130.9 million compared to 2019. Management is planning inventory levels to reduce by ~$40 million by year-end in 2023.
- Net cash provided by operating activities for the fiscal totaled $50.44 million, compared to $147.89 million in FY21.
- The company ended FY22 with 397 total stores, 373 Shoe Carnival stores, and 24 Shoe Station stores.
- Dividend Increase: The Board approved an 11% increase to the quarterly cash dividend from $0.09 to $0.10 per share, payable on April 17, 2023, to shareholders of record as of the close of business on April 3, 2023.
- Additionally, the company has $50 million available in calendar 2023 for future repurchases under its share repurchase program.
- FY23 Guidance: Shoe Carnival sees EPS of $3.96 - $4.20 vs. consensus of $3.97. It sees net sales of $1.26 billion - $1.32 billion vs. consensus of $1.28 billion.
- It expects an FY23 gross profit margin of ~37%, operating income margin of ~11.4%, comparable store sales of -2% to +2%, and new stores of 10 to 20.
- The company expects cash flows from operations of $170 million - $210 million.
- Price Action: SCVL shares are trading lower by 1.84% at $22.92 premarket on Wednesday.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.
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