Shoe Carnival's Q4 Earnings Smashes Estimates, Hikes Dividend

Shoe Carnival Inc SCVL reported fourth-quarter FY21 sales growth of 23.4% year-on-year, to $313.37 million, beating the consensus of $280.42 million.
The revenue growth was driven by increased store traffic and new customer acquisition.
Adjusted EPS of $0.83 beat the consensus of $0.44.
Gross profit rose 49.5% Y/Y to $116.8 million, with the margin expanding 650 basis points to 37.3%.
Selling, general and administrative expenses rose 31.5% Y/Y to $88.9 million.
The operating margin was 8.9%, and operating income for the quarter rose 164.2% to $27.9 million.
Shoe Carnival held $132.4 million in cash and equivalents as of January 29, 2022. Net cash provided by operating activities for twelve months totaled $147.8 million.
The company's board approved a 29% increase to the quarterly cash dividend from $0.07 to $0.09 per share, payable on April 18, 2022, to shareholders of record on April 4, 2022.
"We now expect to sustain operating income and EPS levels that are more than double the pre-pandemic record levels set in fiscal 2019," said CEO Mark Worden.
Outlook: Shoe Carnival sees FY22 sales growth of 4% - 7%, and EPS of $3.80 - $4.10.
Price Action: SCVL shares closed higher by 4.07% at $31.43 on Tuesday.

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