Shoe Carnival reports preliminary FY23 revenue $1.176B, consensus $1.18B

For the fiscal year ended February 3, 2024, the Company achieved the high end of management’s sales expectations with net sales of $1.176 billion, driven by strong sales growth during the December holiday period. Diluted earnings per share are in line with expectations to be between $2.65 – $2.75, with preliminary results in the mid-range, excluding any transaction costs related to the Rogan’s acquisition. The Company’s inventory optimization plan over delivered annual expectations, reducing inventory levels over $40 million, or over 10 percent, compared to the prior year. The Company ended fiscal 2023 with over $110 million of cash, cash equivalents and marketable securities on hand, an increase of over $45 million versus the prior year. Fiscal year 2023 marks the 19th consecutive year the Company ended the year with no debt, fully funding operations, new store growth, and store remodels entirely with cash on hand. Additionally, the Company is funding the Rogan’s acquisition entirely with cash flow generated in fiscal 2023.