Shoe Carnival cuts FY forecast after weak Q1 results, shares fall

Shoe Station

24/05/2023 13:27

** Shares of footwear retailer Shoe Carnival Inc  SCVL.O 
down 5.7% at $20.5 premarket
    ** Co sees FY23 net sales in range of $1.23 bln - $1.25 bln
vs. previously reported range of $1.26 bln - $1.32 bln
    ** Predicts FY23 EPS in range of $3.60 to $3.85 vs.
previously reported range of $3.96 to $4.20
    ** Q1 net sales of $281.2 mln down 11.4% year-over-year
    ** Q1 net income of $16.5 mln vs. net income of $26.9 mln a
year earlier 
    ** SCVL down about 9% YTD

 (Reporting by Vaibhav Sadhamta)
 ((Vaibhav.Sadhamta@thomsonreuters.com;))