By Sam Boughedda

Investing.com — Shoe Carnival Inc (NASDAQ:) reported its first-quarter earnings on Wednesday, which noticed revenue surpass pre-pandemic ranges. Nonetheless, its shares plummeted 18% after it missed income expectations.

The footwear firm of $317.53 million, beneath analyst consensus expectations of $318.2 million. Web gross sales elevated 25.1% in comparison with pre-pandemic ranges however fell 3.3% in comparison with the prior-year quarter.

In the meantime, earnings per share beat the consensus of $0.86 to achieve $0.95. Nonetheless, EPS fell nicely beneath the prior 12 months’s quarter of $1.51 per share.

“Our methods to double our working revenue in comparison with the degrees earlier than the pandemic have labored,” acknowledged Mark Worden, President, and CEO.

Worden added, “Our first quarter outcomes show the structural revenue transformation and elevated scale our plans have achieved in comparison with pre-pandemic outcomes.”

Shoe Carnival sees web gross sales climbing between 4% to 7% 12 months over 12 months in 2022. The corporate added that it plans to open ten new shops in 2022 with no retailer closures.