Footwear retailer Shoe Carnival, Inc. (SCVL), Thursday reported a rise in profit for the second quarter due to an increase in sales, combined with higher merchandise margin arising from strict inventory control. The company's earnings as well as revenues for the quarter beat Street analysts' expectations.
Net income for the second quarter was $2.9 million, versus $2.7 million in the prior year. On a per share basis, earnings remained unchanged at $0.14, reflecting a higher share count.
On average, six analysts polled by Thomson Reuters expected earnings of $0.11 per share for the quarter. Analysts' estimates typically exclude special items.
Net revenues for the second quarter were $182.21 million, up from $166.67 million for the same quarter last year. Six analysts had a consensus revenue estimate of $182.12 million for the quarter.
On a same-store basis, sales for the quarter were up 3.0% compared to a year ago.
The gross profit margin for the quarter increased to 28.7 percent from 27.8 percent for the year ago period.
Moving forward, the company expects third quarter net sales of $240 million to $245 million and earnings per share of $0.55 to $0.60. Analysts currently expect revenues of $234.49 million and earnings per share of $0.57.
The company estimates third quarter comparable store sales to increase in the range of 4 % to 6 %.
Shares of Shoe Carnival closed Thursday at $24.38, up 42 cents or 1.75% on the Nasdaq. In after hours trade, the share lost 18 cents or 0.74% to close at $24.20.
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