Shoe Carnival slumps as weak demand drives annual forecast cuts

Shoe Station

29/08/2023 14:05

** Shares of footwear retailer Shoe Carnival  SCVL.O  down
~9% at $19.82 before the bell 
    ** SCVL set to open at a near three-month low, if current
losses hold
    ** Co cuts its forecasts for annual sales and profits on
softer demand in urban markets and from lower-income consumers 
    ** Expects fiscal 2023 EPS between $3.10 and $3.25, compared
with $3.60 to $3.85 forecast earlier
    ** Sees net sales of $1.19 bln to $1.21 bln, vs $1.23 bln to
$1.25 bln estimated previously
    ** Co also reports a 6.5% drop in Q2 comparable store sales 
    ** Up to last close, stock had fallen ~9% YTD

 (Reporting by Deborah Sophia in Bengaluru)
 ((DeborahMary.Sophia@thomsonreuters.com))