Home Equities Score Why Shoe Carnival Inc. (SCVL) Stock Is Dropping -7.15% In After-Market Today?...

Why Shoe Carnival Inc. (SCVL) Stock Is Dropping -7.15% In After-Market Today? Here Is An Explanation

Shoe Carnival, Inc. (SCVL), a family footwear retailer. Specializing in the sale of footwear and related products through its retail stores in almost 30 states within the continental United States and in Puerto Rico announced financial results for the first quarter completed on May 1, 2021. SCVL stock price declined adjacent to the news.

In after-market trading, shares of Shoe Carnival Inc. (SCVL) were down -7.15% at $57.95. SCVL’s stock closed the last session at $62.41, decreasing -1.62% or -$1.03. Shares of the company fluctuated between $59.85 and $63.29 throughout the day. The shares of Shoe Carnival Inc. have advanced 7.60% in the last five days; however, they have gained 5.19% over the last month.

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Q1 Financial Result

SCVL reported net sales of $328.5 million for the first quarter of the fiscal year 2021, depicting an increase of 122.7%vs net sales of $147.5 million for the same period of the previous year. The increment was primarily due to high demand for strong product offerings, seasonal weather, a rise in vaccination rates, and the positive impact of government stimulus. Furthermore, all of the Company’s stores were closed for almost half of the first quarter of fiscal 2020 due to the pandemic.

Gross profit margin for the first quarter of fiscal 2021 saw a rise of 18.3 percentage points to 39.6 percent in comparison to 21.3 percent last year. Merchandise margin had risen by 10.0 percentage points and buying, distribution, and occupancy expenses, which are generally fixed costs, declined 8.3 percentage points as a percentage of net sales in comparison to the first quarter of the prior year.

The rise in merchandise margin as a result of strong customer response to the Company’s merchandise selection, which resulted in less promotional activity during the quarter. The decline in purchasing, distribution, and occupancy expenses, as a percentage of sales, was driven due to leveraging occupancy costs against an increased sales base.

Selling, general, and administrative costs for the first quarter of fiscal 2021 saw a rise of $17.8 million to $72.6 million. As a percentage of net sales, these expenses declined 15.0 percentage points to 22.1 percent driven as a result of leveraging effect of higher sales. The increment in SG&A primarily is linked with the Company’s record performance, in terms of rising performance-based incentive compensation, generic wages, and variable costs that are varied with sales, such as credit card fees.

Net income generated in the first quarter of fiscal 2021 was $43.2 million, or $3.02 per diluted share compared to a net loss of $16.2 million, or a loss of $1.16 per diluted share generated in the first quarter of the previous year.

Conclusion

SCVL Financial report for the first quarter of 2021 failed to induce adequate investor interest due to reduced purchasing and distribution primarily due to the pandemic, with SCVL stock price declining immensely at the last check.

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