Shoe Carnival Inc up 9.03% to $24.64 after earnings
Shoe Carnival Inc (SCVL) said before opening Thursday that it earned $1.04 per share in the second quarter of 2022.
On the revenue line, the company reported $312.3 million, missing estimates of $41.2 million.
In the same quarter a year ago, the company earned $1.54 per share on revenue of $332.2 million.
The stock is up 9.03% at $24.64 after the report.
Shoe Carnival Inc’s profit margins took a hit as profits fell at a faster rate than revenues.
The average recommendation from Wall Street analysts was a strong buy which could be revised based on this new data.
Trading in the five days leading up to the report earned Shoe Carnival Inc a bearish sentiment ranking of InvestorsObserver.
Before the report InvestorsObserver gave the stock an overall rating of 34. Meanwhile, the average Wall Street analyst rated the stock as a strong buy.
Shoe Carnival Inc is a shoe retailer with hundreds of stores in the United States. It offers moderately priced designer dress, casual and athletic shoes for men, women and children. The company’s average store has more than 27,000 pairs of shoes. The company promotes a shopping experience that includes contests, games, and a person on a stage with a microphone to announce limited-time promotions. To enable its value pricing strategy, Shoe Carnival minimizes staffing requirements by housing all merchandise on the sales floor and renting store locations in outdoor malls. She buys her wares from hundreds of suppliers, with Nike and Skechers accounting for a substantial share of the company’s total sales. All merchandise passes through the company’s distribution center in Indiana.