Shoe Carnival remains open to further M&A opportunities after its successful Rogan’s purchase. Credit: Shutterstock.

Shoe Carnival’s net sales dropped to $1.176bn for year ended 3 February 2024 (FY23) compared to $1.262bn the year before and its gross profit declined to $421.4m from $468.2m.

In Q4 (14 weeks ending 3 February 2024), the retailer reported net sales of $280.2m compared to $290.8m in the same period the year before and gross profit of $99.7m compared to $111.3m in the same prior period.

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Shoe Carnival FY23 results

  • Shoe Carnival’s net sales declined to $1.176bn in FY23 from $1.262bn
  • Operating income declined to $93.5m from $146.4m
  • Net income was $73.3m compared to $110,1m in the same prior period.

Shoe Carnival Q4 results

  • Shoe Carnival’s net sales in Q4 were $280.2m compared to $290.8m in the same period the year before
  • Operating income declined to $19.9m from $28.7m in the same prior period
  • Net income was $15.5m, or $0.57 per diluted share, compared to Q4 2022 where net income was $21.6m , or $0.79 per diluted share.

The company’s president and CEO Mark Worden said: “I would like to thank our dedicated team members and vendor partners for their support in driving growth during the key holiday period and setting us up for continued growth in 2024.”

He added that the acquisition of footwear retailer Rogan’s, which the company acquired on 13 February 2024, means it is at “an all-time high of 429 stores.”

The company acquired Rogan’s with its 28 store locations in Wisconsin, Minnesota, and Illinois for a purchase price of $45m, subject to further adjustments, and funded entirely with cash generated in Fiscal 2023.

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Worden explained Rogan’s will be “immediately accretive to our results in 2024 and the level of accretion is expected to meaningfully increase in 2025”.

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He added the integration progress to date has been encouraging and the company hopes to raise its full synergy expectation to $2.5m and accelerate the integration schedule, with the expectation of now realising full synergies in 2025.

Plus, he said: “We are well positioned to advance our strategy to be the nation’s leading family footwear retailer by accelerating growth, as well as pursuing additional growth initiatives and M&A opportunities in the future.”

Shoe Carnival fiscal 2024 outlook

The company said it expects to grow net sales in FY24 led by its recent Rogan’s acquisition, the continued strength of its Shoe Station banner and growth in e-commerce sales, combined with the expectation of improving trends in the Shoe Carnival banner.

  • Net sales are expected to be in a range of $1.21bn to $1.25bn, representing growth of 4.0% to 6.0% versus FY23
  • Comparable store sales are expected to be in a range of down 3.0% to up 1.0% versus FY23
  • Gross profit margin is expected to be approximately even with FY23.