Shoe Carnival reports record profit and sales

Shoe Carnival Inc. /zigman2/quotes/203407380/composite SCVL +0.09% shares rose 1.2% in Wednesday premarket trading after the retailer reported second-quarter earnings and sales that beat consensus and gave an upbeat outlook. Record net income totaled $44.2 million, or $1.54 per share, up from $10.0 million, or 35 cents per share, last year. Sales were $332.2 million, also a record, up from $300.8 million last year. The FactSet consensus was for EPS of 81 cents and sales of $303.0 million. "This momentum has continued through the first three weeks of August, with comparable store sales increasing 23 percent and product margins increasing nearly 11 percentage points when compared to August 2019," said Chief Executive Mark Worden in a statement. Worden is succeeding Cliff Sifford, who will continue as vice chairman. "Given our strong performance in the first half of the year, we are raising our full year guidance, as well as offering our view of the fiscal third quarter," Worden said. Shoe Carnival is guiding for third-quarter EPS in the range of $1.10 to $1.15 and sales in the range of in the range of $307 million to $315 million. The FactSet consensus is for EPS of 64 cents and sales of $296.4 million. For the full year, expects EPS in the range of $4.35 to $4.50 and sales in the range of $1.21 billion to $1.23 billion. The FactSet consensus is for EPS of $3.24 and sales of $1.18 billion. Shoe Carnival stock has more than doubled for the year to date, up nearly 106%, while the S&P 500 index /zigman2/quotes/210599714/realtime SPX +0.11% has gained 19.4% for the period.