Shoe Carnival (SCVL) Q3 2025 earnings summary

Executive summary

• Q3 adjusted EPS was $0.71 and GAAP EPS was $0.70, meeting expectations; year-to-date adjusted EPS rose 3.8% to $2.19.

• Year-to-date net sales reached $939.9 million, up 4.9% year-over-year, driven by strong Back-to-School performance and the Rogan's acquisition.

• Q3 net sales were $306.9 million, down 4.1% year-over-year due to a $20 million retail calendar shift; excluding this, sales rose 2.2%.

• Comparable store sales declined 4.1% in Q3, impacted by hurricanes and warm weather, with boots accounting for about half the decline.

• Store rebannering and Rogan's integration drove segment gains, with synergy capture ahead of schedule.

Financial highlights

• Gross profit margin was 36.0% in Q3, down 80 bps year-over-year, but above 35% for the 15th consecutive quarter.

• Q3 adjusted net income was $19.5 million; GAAP net income $19.2 million ($0.70 per diluted share).

• Year-to-date cash flow from operations was $58.1 million; cash and equivalents at $91.1 million, up $20 million year-over-year.

• SG&A as a percentage of net sales was 28% in Q3, down 10 bps year-over-year.

• Inventory at quarter-end was $406.6 million, up $38.3 million due to Rogan's; excluding Rogan's, inventory down 1%.

Outlook and guidance

• Full-year 2024 net sales expected at $1.20–$1.23 billion, up 2%–4.5% year-over-year.

• GAAP EPS guidance reiterated at $2.55–$2.70; adjusted EPS at $2.60–$2.75.

• Most likely outcome is at the lower end of guidance due to persistent warm weather and delayed boot season.

• Fiscal 2024 capital expenditures expected at $30–$35 million, with $20–$25 million for new/rebannered stores.

• Retail calendar shift and 52-week year expected to reduce Q4 net sales by ~$20 million and EPS by ~$0.10.