Shoe Carnival, Inc. (NASDAQ: SCVL) rose after the company reported stronger-than-expected results for its third quarter and raised its FY18 earnings guidance.
The company, based in Evansville, Ill., reported Friday earnings per diluted share increased 15% to $0.76. Comparable store sales increased 4.5%.
Due to fiscal 2017 being a 53-week year, approximately $25.1 million of net sales reported in the third quarter of 2017 shifted into the second quarter of fiscal 2018, resulting in a net sales decrease of $18.3 million in the third quarter compared to the same period last year
Repurchased 519,048 shares of common stock at a total cost of $20.0 million under share repurchase program.
Net income for the third quarter of fiscal 2018 increased 12.6% to $12.0 million, or $0.76 per diluted share. For the third quarter of fiscal 2017, the Company reported net income of $10.7 million, or $0.66 per diluted share.
According to CEO Cliff Sifford, "We are pleased with our strong third quarter sales results, which reflect growth in all geographic regions and virtually all of our product categories.
"Our third-quarter comparable store sales growth of 4.5% was on top of a 4.4% increase for the same quarter last year. On a year-to-date basis, our comparable store sales have increased 4.2%, operating income increased 28.6% and earnings per diluted share increased 71%. As a result of our year-to-date performance and outlook for the remainder of fiscal 2018, we are pleased to raise our annual net sales and earnings guidance.”
Shares sprinted $3.41, or 9.2%, to $40.50
