Shoe Carnival up on higher fourth-quarter profit

Shoe Station

22/03/2023 14:16

** Shares of footwear retailer Shoe Carnival Inc  SCVL.O  up
4.3% at $24.35 
    ** Reports Q4 net income of $21.6 mln and 79 cents per share
vs net income of $20.6 mln and 72 cents per share a year ago
    ** Net sales were down 7.2% to $290.8 mln in qtr
    ** Co ended 2022 with inventory of $390.4 mln, up $130.9 mln
compared to 2019; also planning to reduce inventory by about $40
mln by year end in 2023
    ** Expects 2023 EPS to be between $3.96 and $4.20, net sales
between $1.26 bln and $1.32 bln, and comp store sales of
negative 2% to positive 2%
    ** Board approved 11% increase to quarterly dividend from 9
cents to 10 cents per share
    ** Shares down ~20% in 2023

 (Reporting by Yamini Kalia)
 ((Yamini.Kalia@thomsonreuters.com))