Shoe Carnival, Inc. (SCVL), a retailer of footwear and accessories, Thursday announced a decline in fourth quarter net income, compared with the last year. Shares of Shoe Carnival are dropping in the pre-market trading.
In the fourth quarter, net income decreased to $14.67 million from $15.52 million last year.
Earnings per share were $0.53 versus $0.57 in the prior year.
On an adjusted basis, net income was $14.88 million or $0.54 per share, while it was $16.13 million or $0.59 per share in last year's quarter.
Net sales also declined to $262.94 million from $280.17 million in the prior year.
In March 2025, the Board has approved an 11.1 percent dividend increase to 15 cents per share. The quarterly dividend will be paid on April 21, to shareholders on record April 7.
The company said it is planning to launch a long-term plan to expand Shoe Station into a national footwear and accessories brand. This strategy aims to increase market share in areas where the company has underperformed and expand into new markets in the future. The rebranding is expected to improve store productivity and enhance financial performance.
Looking ahead to fiscal 2025, the company expects net sales to range between $1.15 billion and $1.23 billion, representing a decrease of 4 percent and an increase of 2 percent when compared with fiscal 2024 guidance.
The company anticipates earnings per share to range between $1.60 and $2.10, inclusive of the rebanner strategy's initial year costs.
In the pre-market trading, Shoe Carnival is down 6.27% at $21.23 on the Nasdaq.
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