Shoe Carnival, Inc. (SCVL), a footwear and accessories company, on Thursday posted a net loss for the first quarter of fiscal 2026 with a drop in sales. In addition, the company has reaffirmed annual guidance.

For the three-month period to May 2, the company posted a net loss of $5.628 million, compared with a profit of $9.343 million in the same period last year. Net loss per share stood at $0.21 as against a profit of $0.34 per share a year ago.

Excluding items, profit was $0.23 per share, less than a profit of $0.34 per share, in the previous year. This year's adjusted profit excludes charges associated with the previously announced chief executive officer transition and the completion of a strategic review of the company's rebanner program.

Adjusted profit was $6.2 million, compared with earnings of $9.3 million a year ago.

Operating loss was $6.037 million, compared with a profit of $11.965 million last year, hurt by the selling, general, and administrative expenses of $96.138 million, compared with expenses of $83.812 million in the previous year. Sales stood at $270.730 million, less than $277.715 million a year ago.

Looking ahead, for fiscal 2026, Shoe Carnival still expects adjusted income of $1.40 to $1.60 per share, on sales of $1.125 billion to $1.147 billion. For fiscal 2025, the company had posted sales of $1.135 billion.

SCVL was up by 2.03% at $16.09 in the pre-market trade on the Nasdaq.

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