Shoe Carnival Reports Strong Fiscal 2024 Results

Shoe Carnival ( (SCVL) ) has released its Q4 earnings. Here is a breakdown of the information Shoe Carnival presented to its investors.

Shoe Carnival, Inc. is a prominent family footwear retailer in the United States, offering a wide range of dress, casual, and athletic footwear for all ages, with a focus on national name brands. The company operates under the Shoe Carnival, Shoe Station, and Rogan’s store fronts, with a significant presence in 36 states and Puerto Rico.

In its latest earnings report, Shoe Carnival announced that it achieved the high end of its annual EPS expectations for Fiscal 2024, with a GAAP EPS of $2.68 and an Adjusted EPS of $2.72. The company reported a 2.3% increase in annual sales, aligning with expectations, and highlighted a notable 5.7% sales growth from Shoe Station. Additionally, Shoe Carnival exceeded profit and synergy expectations from its acquisition of Rogan’s Shoes.

Key financial metrics revealed that Shoe Carnival’s net sales for Fiscal 2024 reached $1.203 billion, marking a 2.3% increase compared to the previous year. Despite a decline in comparable store sales, the company maintained a gross profit margin above 35% for the fourth consecutive year. The acquisition of Rogan’s Shoes contributed significantly to the company’s net sales and operating income, surpassing initial targets.

Looking ahead, Shoe Carnival is embarking on a long-term growth strategy to expand Shoe Station into a national footwear retailer. This involves rebannering 175 stores to Shoe Station over the next 24 months, aiming to capture market share and enhance profitability by early 2027. The company remains optimistic about its growth prospects, despite anticipating some initial costs associated with the rebanner strategy in Fiscal 2025.