Shoe Carnival Drops After Poor Earnings

Shares of Shoe Carnival

slumped in Wednesday's after-hours session, down over 5%. The company reported fourth-quarter earnings that were below expectations: earnings per share came in at $0.16, less than the $0.21 estimate; while revenue of $205.7 million was less than the $213.64 million estimate. Earnings guidance was within range, but revenue guidance was a bit light. The company said fourth-quarter earnings per share would fall within the $0.20-0.22 range; analysts are expecting $0.21. Shoe Carnival sees sales coming in between $212- and 214 million, Wall Street is looking for $217 million. Shoe Carnival is a major U.S. shoe retailer, with over 400 stores and an online operation. Shares closed at $19.50, but fell below $18.50 in the after-hours session.