American footwear firm Shoe Carnival's net sales at $1.176 bn in FY23

In the fourth quarter of fiscal 2023 (Q4 FY23), Shoe Carnival experienced a slight dip in net sales, amounting to $280.2 million, a decrease of 3.6 per cent compared to the fourth quarter of fiscal 2022. This decline, however, was anticipated, with the company stating that the net sales performance for the quarter was at the higher end of its expectations. This resilience is attributed to a robust sales increase during the crucial December holiday period.

Comparable store sales saw a decline of 9.4 per cent during the quarter, aligning with the company’s forecasts. Despite the downturn in sales, Shoe Carnival highlighted a significant achievement in its gross profit margin, which has surpassed the 35 per cent mark for the 12th consecutive quarter. However, the gross profit margin slightly decreased to 35.6 per cent in Q4 FY23, attributed to lower merchandise margins and the impact of buying, distribution, and occupancy costs leveraging on reduced sales volumes, the company said in a press release.

Net income for Q4 FY23 was reported at $15.5 million, or $0.57 per diluted share, a decrease from the fourth quarter of FY22, which saw a net income of $21.6 million, or $0.79 per diluted share. The EPS results for the quarter met the company's expectations.

“I would like to thank our dedicated team members and vendor partners for their support in driving growth during the key holiday period and setting us up for continued growth in 2024. With the acquisition of Rogan’s, we are now at an all-time high of 429 stores. Rogan’s will be immediately accretive to our results in 2024 and the level of accretion is expected to meaningfully increase in 2025,” said Mark Worden, president and chief executive officer.

Fibre2Fashion News Desk (DP)