Shoe Carnival (NASDAQ: SCVL) reported Q2 EPS of $0.76, $0.21 better than the analyst estimate of $0.55. Revenue for the quarter came in at $268.4 million versus the consensus estimate of $265.16 million.

• Net sales increased 14.2 percent to $268.4 million compared to the second quarter last year, with approximately $19.7 million of this increase attributable to the one-week shift in the calendar due to fiscal 2017 being a 53-week year
• Comparable store sales increased 6.7 percent
• Earnings per diluted share increased 217 percent to $0.76
• Cash and cash equivalents were $38.4 million with no outstanding bank debt as of August 4, 2018
• Inventory was down 2.0 percent on a per-store basis

Cliff Sifford, Shoe Carnival’s President and Chief Executive Officer, commented, “We are pleased with our strong financial results for the second quarter which exceeded our expectations. Our mid-single digit comparable store sales increase was primarily driven by a double-digit increase in women’s non-athletic footwear with most of our other major footwear categories up mid-single digits. This positive trend has accelerated into the back-to-school season with comparable store sales up 7.7 percent through the first three weeks of August. This sales increase was on top of a 7.0 percent increase in the full month of August last year. We believe we remain well positioned for future growth and based on these strong operational and financial results, as well as our outlook for the remainder of the year, we are raising our annual earnings guidance.”

GUIDANCE:

Shoe Carnival sees FY2018 EPS of $2.07-$2.15, versus the consensus of $2.05. Shoe Carnival sees FY2018 revenue of $1.016-1.02 billion, versus the consensus of $1.02 billion.

For earnings history and earnings-related data on Shoe Carnival (SCVL) click here.