Shoe Carnival, a popular footwear and accessories retailer, experienced a disappointing quarter, causing its shares to fall by 6.3% to $22.66. The company also adjusted its outlook for 2023, contributing to a year-to-date decrease of 5.2%.
The sales range for Shoe Carnival has been revised from $1.19 billion – $1.21 billion to $1.16 billion – $1.18 billion. Similarly, adjusted earnings per share have been lowered from $3.10 – $3.25 to $2.65 – $2.75.
Shoe Carnival attributed its lower than anticipated performance to a slower start in fall seasonal categories that persisted into November. Additionally, the company expressed uncertainty regarding consumer holiday shopping and the unpredictable macroeconomic conditions.
In the third quarter, Shoe Carnival experienced a decline in both top and bottom line results compared to the previous year. CEO Mark Worden explained that the soft sales and sluggish boot season were largely influenced by persistently hot and dry weather.
Overall, Shoe Carnival is facing challenges that have impacted its sales and outlook for the future.