Q1 2024 Shoe Carnival Inc Earnings Call Transcript
Key Points
- Net sales grew 6.8% to $300.4 million, surpassing expectations.
- E-commerce sales continued to grow double digits, driven by the relaunch of ShoeCarnival.com.
- Gross profit margin expanded to 35.6%, marking the 13th consecutive quarter above 35%.
- The integration of Rogan's Shoes is progressing ahead of schedule, with expected synergies to be fully realized in fiscal 2025.
- Shoe Station net sales grew faster than planned, increasing in low double digits.
- Comparable store sales declined by 3.4% for Q1.
- SG&A expenses increased by $6.7 million versus Q1 2023, impacting profitability.
- The company faces uncertainty in customer buying behavior during non-event periods.
- The integration of Rogan's Shoes is still in early stages, with full benefits not expected until 2025.
- Higher income tax rate in the quarter (25.4% vs. 22.6% prior year) resulted in a headwind to EPS.
Good morning, and welcome to Shoe Carnival's First Quarter 2024 earnings conference call. Today's conference call is being recorded and is also being broadcast via web. Any reproduction or rebroadcast of any portion of this call is expressly prohibited. I would now like to introduce Mr. Steve Alexander with Shoe Carnival Investor Relations. Mr. Alexander, please go ahead.
Thank you and good morning. Thanks for joining us today. Earlier this morning, we issued our earnings press release for the first quarter of 2024. If you need a copy of the release, it is available on our website in the Investors section. Joining me on today's call are Mark Worden, President and Chief Executive Officer of Shoe Carnival; Carl Scibetta, Chief Merchandising Officer; and Patrick Edwards, Chief Financial Officer.
Management's remarks today may contain forward-looking statements that involve a number of risk factors. These risk factors could cause the company's actual results to be materially different from those
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