American firm Shoe Carnival's sales surge 6.8% in Q1 FY24

The company's operating income showed substantial growth. Q1 FY24 operating income totalled $22.5 million, a 7.5 per cent increase from the previous year, driven by higher net sales and the expansion of the gross profit margin.

Net income for the first quarter of FY24 was $17.3 million, or $0.63 per diluted share, compared to $16.5 million, or $0.60 per diluted share, in the first quarter of FY23. This EPS growth was primarily fuelled by the net sales performance and the improved gross profit margin. On an adjusted basis, first quarter Adjusted EPS stood at $0.64, the company said in a press release.

Selling, general and administrative expenses accounted for 28.1 per cent of net sales in Q1 FY24, compared to 27.6 per cent in the same period last year.

The comparable store sales for the thirteen-week period ended May 4, 2024, declined by 3.4 per cent compared to the thirteen-week period ended May 6, 2023.

“We are encouraged by the strong results delivered this quarter, with net sales growth above our expectation, gross profit margin expansion versus prior year, and earnings at the high end of our expectation. We gained significant market share, with accelerating sales momentum across our business as the quarter progressed, including double-digit growth in sandals that continued in the quarter after the Easter holiday period,” said Mark Worden, president and chief executive officer.

Fibre2Fashion News Desk (DP)