Thanks to solid sales of athletic footwear for the back-to-school season, Shoe Carnival Inc. saw a surprise jump in third-quarter earnings on a 13 percent increase in sales.
The Evansville, Ind.-based value retailer said Thursday it earned $7.5 million, or 59 cents a diluted share, up nearly threefold from $2.6 million, or 21 cents, the prior year. Analysts had expected a profit of 32 cents in the most recent quarter.
Revenues rose to $191.5 million from $170.1 million last year. Same-store sales rose 10.2 percent.
“We are encouraged by our third-quarter momentum and entered the fourth quarter with inventories well positioned to capitalize on key fashion trends,” Mark Lemond, Shoe Carnival’s president and CEO, said in a statement. “We expect the early strength in boots, particularly women’s fashion boots, to continue into the holiday season. In addition, we anticipate continued strength in the athletic category, in part, due to the favorable consumer response to wellness footwear.”
Shares of Shoe Carnival jumped 3.5 percent in early trading Thursday to $17.77.