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Shoe Carnival Inc. (SCVL - Snapshot Report) recently trimmed its revenue guidance for fourth quarter and fiscal 2012 ending February 2, 2013. The slash in revenue guidance came in the wake of unseasonable warm weather in the fourth quarter that hurt early fourth quarter sales and resulted in lower-than-expected comps.

However, efficient cost containment is expected to generate higher earnings for this leading retailer of value-priced footwear and accessories in the fourth quarter. For fiscal 2012, the company narrowed its earnings per share guidance range.  

For fourth quarter, the company now anticipates revenue growth between $212.0—$214.0 million involving same-store sales (comps) increase of about 1.0%, lower than its prior expectation of $215.0—$220.0 million with comps gain of 2.0–4.0%.

Earnings per share for the fourth quarter of fiscal 2012 are expected to be in the range of 20-22 cents, higher than its pervious expectation of 19–23 cents. According to Zacks Consensus Estimates, analysts were expecting the company to report revenue of $217.0 million and EPS of $0.21 for the fourth quarter of 2012; revenues of $866.0 and EPS of $1.50 for fiscal 2012.

For fiscal 2012, the company now expects net sales to be in the range of $861-$863 million and comparable store sales to increase approximately 4.5% compared with the previously forecasted range of $864—$869 million. Comparable store sales were projected to increase in the range of 4.8–5.3% previously.

Earnings per share for fiscal 2012 are now expected to be in the range of $1.48 to $1.50 against the prior projection of $1.47-$1.51. Notably, this would be the highest annual earnings per share in the company’s history representing a year-over-year increase of 13%-14.5%.

According to Zacks Consensus Estimates, analysts were expecting the company to report revenue of $217.0 million and EPS of $0.21 for the fourth quarter of 2012; revenues of $866.0 and EPS of $1.50 for fiscal 2012.  

For fiscal 2013, Shoe Carnival remains on track to open as many as 30–35 new stores. Shoe Carnival currently retains a Zacks Rank #3 (Hold). However, retailers currently performing well include Citi Trends Inc. (CTRN - Analyst Report) and Foot Locker Inc. (FL - Snapshot Report). Both companies carry a Zacks Rank #1 (Strong Buy).

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