Shoe Carnival Expects 2024 Net Sales Of $1.21B-$1.25B Vs. $1.23B Consensus, Comparable Store Sales Down 3%-1% YoY; Sees Adjusted EPS Of $2.55-$2.75 Vs. $2.84 Consensus

Author: Benzinga Newsdesk | March 21, 2024 06:21am

Fiscal 2024 Outlook

• The Company is initiating its financial outlook for Fiscal 2024 and notes that its Fiscal 2024 is a 52-week year and compares to a 53-week year in Fiscal 2023.
• The Company expects to grow net sales in Fiscal 2024 led by the recent Rogan's acquisition, continued strength of the Shoe Station banner and growth in e-commerce sales, combined with the expectation of improving trends in the Shoe Carnival banner.
• Below is additional information regarding the Company's Fiscal 2024 outlook.
• Net Sales: Expected to be in a range of $1.21 billion to $1.25 billion, representing growth of 4.0 percent to 6.0 percent versus Fiscal 2023.
• Comparable Store Sales: Expected to be in a range of down 3.0 percent to up 1.0 percent versus Fiscal 2023.
• Gross Profit Margin: Expected to be approximately even with Fiscal 2023.
• Selling, General and Administrative Expenses ("SG&A"): As a percent of net sales, SG&A is expected to be approximately 40 basis points higher than Fiscal 2023. Approximately 20 basis points of the increase is due to expected purchase accounting, transaction and integration costs related to the Rogan's acquisition and the balance of the increase is primarily driven by approximately $2.5 million of Rogan's current operating expenses that are expected to be synergized in Fiscal 2025.
• Income Tax Rate: Expected to be approximately 26 percent in Fiscal 2024, representing an increase of 230 basis points versus Fiscal 2023 and a negative impact of approximately of $0.08 to EPS.
• GAAP EPS: Fiscal 2024 EPS on a GAAP basis is expected to be in a range of $2.50 to $2.70.
• Non-GAAP EPS ("Adjusted EPS"): Excluding the expected purchase accounting, transaction and integration costs related to the Rogan's acquisition, Adjusted EPS is expected to be in a range of $2.55 to $2.75.

Posted In: SCVL