- Shoe Carnival Inc SCVL reported a fourth-quarter FY22 sales decline of 7.2% year-on-year to $290.8 million, missing the consensus of $309.59 million.
- Net sales grew 21.2% compared to 4Q19, and comparable store sales increased 12.6%.
- EPS of $0.79 missed the consensus of $0.80.
- Q4 gross profit margin expanded by 100 bps to 38.3% compared to 4Q21, reflecting higher merchandise margins in 4Q22 and $1.1 million of Shoe Station acquisition-related charges in 4Q21.
- Operating income for the quarter was $28.7 million, and the margin was 9.9%, up from 8.9% in 4Q21.
- Shoe Carnival ended 2022 with an inventory of $390.4 million, an increase of $130.9 million compared to 2019. Management is planning inventory levels to reduce by ~$40 million by year-end in 2023.
- Net cash provided by operating activities for the fiscal totaled $50.44 million, compared to $147.89 million in FY21.
- The company ended FY22 with 397 total stores, 373 Shoe Carnival stores, and 24 Shoe Station stores.
- Dividend Increase: The Board approved an 11% increase to the quarterly cash dividend from $0.09 to $0.10 per share, payable on April 17, 2023, to shareholders of record as of the close of business on April 3, 2023.
- Additionally, the company has $50 million available in calendar 2023 for future repurchases under its share repurchase program.
- FY23 Guidance: Shoe Carnival sees EPS of $3.96 - $4.20 vs. consensus of $3.97. It sees net sales of $1.26 billion - $1.32 billion vs. consensus of $1.28 billion.
- It expects an FY23 gross profit margin of ~37%, operating income margin of ~11.4%, comparable store sales of -2% to +2%, and new stores of 10 to 20.
- The company expects cash flows from operations of $170 million - $210 million.
- Price Action: SCVL shares are trading lower by 1.84% at $22.92 premarket on Wednesday.
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