Shoe Carnival reported net sales of $306.9 million in the third quarter of Fiscal 2024, a decrease from $319.9 million in the prior year. This decline was primarily due to a retail calendar shift that moved approximately $20 million of net sales out of the quarter; without this impact, net sales increased by 2.2% year-over-year.
Comparable store net sales for the thirteen-week period ended November 2, 2024, declined 4.1%, impacted by two hurricanes disrupting store operations and persistently warm weather delaying the winter boot shopping season. Despite these challenges, gross profit margin remained strong at 36.0%, marking the 15th consecutive quarter above 35%.
Net income for Q3 2024 was $19.2 million, or $0.70 per diluted share, compared to $21.9 million, or $0.80 per diluted share, in Q3 2023. Adjusted EPS was $0.71, in line with company expectations. The company also accelerated its store rebanner growth strategy, with seven Shoe Carnival stores converted to Shoe Station, bringing the total to ten rebannered stores this year, which have outperformed expectations with over 10% increases in sales and store-level profitability.
The company updated its Fiscal 2024 net sales guidance to a range of $1.20 billion to $1.23 billion, down from the prior range of $1.23 billion to $1.25 billion. This updated guidance still represents growth of 2% to 4.5% versus Fiscal 2023. GAAP EPS guidance remained unchanged at $2.55 to $2.70, and Adjusted EPS remained at $2.60 to $2.75.
The Rogan's acquisition is expected to deliver over $80 million in net sales for Fiscal 2024, with $22.3 million in Q3 2024. Integration of Rogan's store operations, marketing, e-commerce, point-of-sale, merchandising, and back office is complete, accelerating synergy capture into Fiscal 2024 ahead of expectations, with total synergies of approximately $2.5 million now expected.
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