Fri, Sep 6, 8:07 PM (105 days ago)
Shoe Carnival, Inc.'s Q2 2024 report shows a 12.9% increase in net sales to $332.7 million, attributed to the acquisition of Rogan's, which contributed $22 million, and a calendar shift adding approximately $20 million in sales. Despite this growth, comparable store sales declined 2.1%, an improvement from previous quarters. Gross profit rose to $119.9 million, with a margin of 36.1%, driven by better cost management despite competitive pressures. Operating income increased by 22% to $30.1 million, while net income reached $22.6 million, or $0.82 per diluted share, reflecting higher operational efficiency. Cash flow from operations improved significantly to $40.7 million year-to-date, while cash and equivalents rose to $84.5 million. The company maintains a robust liquidity position with a current ratio of 3.4. The acquisition of Rogan's, which included an initial cash payment of $44.4 million, positions Shoe Carnival for future growth, although uncertainties persist regarding economic conditions and competitive landscapes. Overall, the company is poised for continued expansion while managing costs effectively amidst market challenges.