EVANSVILLE, Ind. (AP) -- Shoe Carnival Inc. updated its fourth-quarter and full-year forecast Monday, saying that profits should be in line with market expectations but revenue would fall short.
The company expects to earn 20 to 22 cents per share for its fiscal fourth quarter that ends Feb. 2. It forecast revenue of $212 million to $214 million. Analysts were expecting earnings of 21 cents per share on revenue of $216.9 million.
Shoe Carnival also expects revenue from stores open at least a year to increase 1 percent for the quarter. That is considered a key measure of retail performance because it strips away the impact of recently opened or closed stores.
Shoe Carnival President and CEO Cliff Sifford said that the company's sales were weak early in the quarter, due to unseasonably warm weather, but improved later.
The company also forecast full-year earnings of $1.48 to $1.50 per share on revenue of $861 million to $863 million. Analysts estimated $1.50 per share on revenue of $866.1 million. Shoe Carnival expects its revenue from stores open at least a year to increase 4.5 percent for the year.
Shoe Carnival, based in Evansville, Ind., operates 352 of its namesake stores across the country. The company also it is on track to open another 30 to 35 stores this year, with an emphasis on smaller, new markets.
Its shares closed down 19 cents at $19.81.
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