Shoe Carnival 1Q net income more than doubles

EVANSVILLE, Ind.

Shoe Carnival Inc. said Wednesday that its first-quarter net income more than doubled as more customers bought the retailer's shoes and accessories.

For the three months that ended on May 1, the shoe store earned $9.2 million, or 72 cents per share. That's up from a net income of $4.1 million, or 33 cents per share, during the same period last year.

Revenue rose more than 13 percent to $189.5 million, up from $167.3 million last year.

Analysts surveyed by Thomson Reuters expected the company to earn 71 cents per share on revenue of $189.5 million.

Meanwhile, revenue in stores open at least a year climbed 13 percent. That's a key retail performance measure that tracks revenue from established stores instead of newly opened ones.

"I am pleased to report we were able to take advantage of consumer demand resulting in a sales increase in each broad merchandise category," President and CEO Mark Lemond said in a statement.

The company also said that it expects to earn between 23 cents and 27 cents per share for its second quarter -- far better than the 8 cents per share it earned during the same period last year.

Meanwhile, it forecast revenue in the range of $165 million to $168 million.

Analysts expect second-quarter earnings per share of 27 cents on revenue of $170.9 million.

Shoe Carnival has 311 shoe stores mostly in the midwest, south and southeast.

Its shares fell $1.08, or 4.3 percent to $24 in premarket trading Wednesday. Shares of the company, based in Evansville, Ind., closed Tuesday at $25.08.