Shoe Carnival falls after FY forecast cut

Shoe Station

16/11/2023 14:08

** Shares of footwear retailer Shoe Carnival  SCVL.O  fall
4.9% at $22.99 in premarket trading
    ** Co cuts FY23 EPS outlook to $2.65-$2.75 per share, down
from $3.10-$3.25 earlier 
    ** SCVL expects FY23 net sales between $1.16 bln and $1.18
bln vs. previous forecast of $1.19 bln to $1.21 bln
    ** Co sees comparable store sales declining between 8.5% to
9.5% in FY23 vs. a decline of 8% to 6% expected previously
    ** Q3 net sales miss Wall-Street estimates as unseasonably
warm weather resulted in soft seasonal and non-athletic sales 
    ** Stock has gained 1% YTD until last close 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))