Shoe Carnival, Inc. reported net sales growth of 24.4 percent to 341.7 million dollars with both store banners contributing to the growth. Comparable store sales increased 18.3 percent driven by increased non-athletic and athletic sales and less promotional intensity during the quarter.

The company’s gross profit margin increased 740 basis points, operating income margin increased 620 basis points and at 12.8 percent was the seventh consecutive quarter in double-digits.

Third quarter EPS of 1.18 dollars was up 151 percent and year-to-date EPS of 3.17 dollars, increased 138 percent, which the company said, is on track to deliver previously announced full year guidance within a tightened range.

“Despite the challenging inflationary environment our customers face, Q3 sales results were the second highest quarterly result in the company’s history and year-to-date EPS more than doubled any full year of earnings in our 44 years of operation except for government stimulus influenced 2021,” said Mark Worden, the company’s president and CEO.

Shoe Carnival expects to deliver annual EPS as per outlook

The company added that EPS and operating margins accelerated sequentially during each quarter of fiscal 2022.

The company believes that it is on track to deliver annual EPS in the tightened range of 3.95 dollars to 4.10 dollars, compared to a pre-pandemic annual high of 1.46 dollars in 2019.

Net sales are expected to be between 1.27 billion dollars and 1.30 billion dollars, up 23 percent to 25 percent compared to 2019.

Gross profit margin is expected to be approximately 37 percent, compared to 30.1 percent in 2019.

The company’s year-to-date net sales increased 174.8 million dollars or 21.9 percent, compared to 2019, with Shoe Station contributing 75.6 million dollars of the increase. The Shoe Station banner is expected to deliver net sales in excess of 100 million dollars in fiscal 2022.

The company expects to open three Shoe Station stores in the fourth quarter, ending the fiscal year with 25 Shoe Station stores, 373 Shoe Carnival stores and 398 total stores. The company said that it is on track to operate over 400 stores during the first half of 2023 and has a strategic growth roadmap in place to surpass 500 stores in the following three to five year horizon.