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March 16, 2022, 7:34 a.m. EDT

Shoe Carnival stock rises after profit blows past expectations and dividend raised

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By Tonya Garcia

Shoe Carnival Inc. /zigman2/quotes/203407380/composite SCVL +4.58% shares rose 2.6% in Wednesday premarket trading after it reported fourth-quarter profit that blew past expectations and raised its dividend. The retailer posted net income totaling $20.6 million, or 72 cents per share, up from $7.4 million, or 26 cents per share, last year. Adjusted EPS of 83 cents blew past the FactSet consensus of 44 cents. Sales of $313.4 million rose from $253.9 million and also beat the FactSet consensus of $278.5 million. "Our strategic investments, and recent acquisition of a second retail banner, have us positioned very well for continued sales growth in 2022, and for rapid store expansion in the years ahead," said Chief Executive Mark Worden in a statement. The company completed its acquisition of Shoe Station in December 2021. "We now expect to sustain operating income and EPS levels that are more than double the pre-pandemic record levels set in fiscal 2019." For fiscal 2022, the company expects net sales to increase 4% to 7% and EPS is expected to be in the range of $3.80 to $4.10. The FactSet consensus is for sales of $1.362 billion, implying growth of 5.1%, and EPS of $3.85. Shoe Carnival's board raised its quarterly dividend by 29% to 9 cents per share payable on April 18, 2022 to shareholders of record as of April 4, 2022. Shoe Carnival stock is up 11.1% over the past year while the S&P 500 index /zigman2/quotes/210599714/realtime SPX -0.07% has gained 7.6%.

/zigman2/quotes/203407380/composite
US : U.S.: Nasdaq
$ 26.01
+1.14 +4.58%
Volume: 253,493
Aug. 11, 2022 4:00p
P/E Ratio
5.36
Dividend Yield
1.38%
Market Cap
$686.10 million
Rev. per Employee
$227,494
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/zigman2/quotes/210599714/realtime
US : S&P US
4,207.27
-2.97 -0.07%
Volume: 2.22B
Aug. 11, 2022 4:20p
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