Fri, Jun 7, 12:02 PM (283 days ago)
Shoe Carnival, Inc. reported a 6.8% increase in net sales for Q1 2024, totaling $300.4 million, driven by the acquisition of Rogan Shoes and new store growth under the Shoe Station banner. Comparable store sales, however, declined by 3.4%. Gross profit improved to $106.8 million, with a gross margin increase to 35.6%, attributed to stable product margins and lower freight costs. SG&A expenses rose to $84.3 million due to Rogan's acquisition and increased marketing investments. Operating income grew by 7.5% to $22.5 million. Net income was $17.3 million, or $0.63 per diluted share, up from $16.5 million or $0.60 per share in Q1 2023. Inventory levels increased due to the Rogan acquisition, while cash and equivalents stood at $69.5 million. The company maintained a strong liquidity position with no debt and continued to fund operations and growth from operating cash flows. Future capital expenditures are projected between $25 million and $35 million, focusing on new stores and modernization efforts.