U.S. News

Shoe Carnival 1Q sales rise, raises guidance


Shoe Carnival Inc.'s first-quarter sales grew more than 13 percent and the company raised its earnings expectations for the period.

The discount shoe retailer said Monday that it was not releasing its full quarterly financial results because it plans to participate in a conference Tuesday.

The company did report that total sales grew 13.2 perscent to $189.5 million for the quarter.

Revenue at stores open at least a year grew 13.1 percent. That's considered a key indicator of a retailer's financial health because it strips away the impact of new stores.

Shoe Carnival said both sales figures were above its expectations and in turn, it raised its earnings expectations for the quarter.

The company now expects to earn 70 to 72 cents per share for the quarter, above its previous expectations of 54 to 58 cents per share.

Shares of Shoe Carnival rose $1.51, more than 6 percent, to close at $25.50.