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Shares of Shoe Carnival  (SCVL - Get Report) rocketed higher Wednesday after the regional footwear retailer beat Wall Street's earnings estimates.

Shoe Carnival's stock price shot up 19.82% to $35.52 after the Evansville, Ind.-based retailer reported an adjusted profit of 11 cents per share, nearly double the estimate of 6 cents of analysts surveyed by FactSet.

Adjusted net income hit $1.7 million for the quarter, compared to a net, unadjusted loss of $3.9 million in the fourth quarter of 2017.

Sales rose 4.7% on a same-store basis for the quarter, and 4.3% for the fiscal year, Shoe Carnival reported.

Net sales hit a record $1.03 billion, up $10.5 million over 2017.

Clifton Sifford, chief executive of Shoe Carnival, cited sales gains in a broad array of categories in an earnings call with analysts, as well as digital sales initiatives, for the better-than-expected quarterly results.

While brick-and-mortar sales rose by single digits, digital sales posted double-digit growth.

"We also enjoyed increases in all major product categories in each geographic region throughout our chain," Sifford told analysts.

Sales of women's boots were a particular standout, he noted.

"As expected, women's boots were the key driver of this increase," Sifford said. "The strong demand in boots could boost a 90 basis point improvement in merchandise margin for the category, while driving year-end per-door inventories down double digits vs. last year."

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