Why Shoe Carnival (SCVL) Shares Are Sliding Today - Shoe Carnival (NASDAQ:SCVL)

Shoe Carnival, Inc. SCVL shares are trading lower after posting lackluster first-quarter FY23 results.
Q1 sales declined 11.4% year-on-year to $281.18 million, missing the consensus of $288.19 million.
The footwear retailer's EPS of $0.60 missed the analyst consensus of $0.69.
Unfavorable weather and persistent consumer pressure from both inflation and lower federal tax refunds negatively impacted traffic. Top-line sales and bottom-line earnings were at the lower end of company expectations.
The company registered a gross profit of $98.52 million, down 12.7% Y/Y. The gross profit margin of 35% was down 50 basis points Y/Y.
Operating income for the quarter was $20.94 million, down 40.8% Y/Y. Net income was $16.5 million, down 38.6% Y/Y.
The company ended Q1 with 397 total stores, 372 Shoe Carnival stores, and 25 Shoe Station stores.
During Q1, the company opened one Shoe Station store and the Shoe Station e-commerce site.
Shoe Carnival exited Q1 with cash and equivalents worth $44 million.
FY23 Guidance: The company has lowered its guidance for FY23.
Shoe Carnival sees EPS of $3.60 - $3.85, lower than the earlier forecast of $3.96 - $4.20. The analyst consensus stands at $3.73.
It sees net sales of $1.23 billion - $1.25 billion, lower than earlier guidance of $1.26 billion - $1.32 billion. The analyst consensus stands at $1.26 billion.
It expects an FY23 gross profit margin of 36% to 37% (prior view ~ 37%).
Price Action: SCVL shares are trading lower by 6.85% at $20.26 on the last check Wednesday.

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Why Shoe Carnival Shares Are Sliding Today