Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of footwear and accessories for the family, has reported its fourth quarter and fiscal year ended February 1, 2025. The company achieved high-end annual EPS expectations with GAAP EPS of $2.68 and adjusted EPS of $2.72. Annual sales grew by 2.3 percent, in line with expectations, and the company achieved industry-leading sales growth of 5.7 percent from Shoe Station. The company exceeded profit and synergy expectations from the Rogan’s Shoes acquisition.
In the fourth quarter of 2024, net sales were $262.9 million, consistent with expectations, with a gross profit margin of 34.9 percent. Net income for the quarter was $14.7 million, or $0.53 per diluted share, compared to $15.5 million, or $0.57 per diluted share in the fourth quarter of 2023. For the fiscal year 2024, net sales were $1.203 billion, consistent with expectations, and increased by 2.3 percent compared to fiscal 2023. Net income for fiscal 2024 grew to $73.8 million, or $2.68 per diluted share, compared to $73.3 million, or $2.68 per diluted share in fiscal 2023. Adjusted net income in fiscal 2024 grew to $75.0 million, or $2.72 per diluted share compared to $74.0 million, or $2.70 per diluted share in fiscal 2023.
The company has completed acquisitions of two regional footwear leaders, Shoe Station in the southeast (2021) and Rogan’s in the upper midwest (2024). As of March 20, 2025, the company operated 431 stores, with 346 Shoe Carnival stores, 57 Shoe Station stores, and 28 Rogan’s stores. The company’s board of directors approved an 11.1 percent dividend increase to 15.0 cents per share. The company ended fiscal 2024 with approximately $123.1 million of cash, cash equivalents, and marketable securities.
Shoe Carnival is launching a long-term growth strategy to expand Shoe Station into a national footwear retailer. The company expects to rebanner between 50 to 75 Shoe Carnival stores to Shoe Station stores in fiscal 2025, with an initial year investment forecasted to decrease fiscal 2025 operating income by $20 to $25 million. The company is also initiating its financial outlook for fiscal 2025, with expected net sales of $1.15 billion to $1.23 billion and GAAP EPS of $1.60 to $2.10, inclusive of the rebanner strategy’s initial year costs.
Shoe Carnival, Inc. is traded on the NASDAQ stock market under the symbol SCVL and operates 431 stores in 36 states and Puerto Rico under its Shoe Carnival, Shoe Station, and Rogan’s store fronts. The market has reacted to these announcements by moving the company's shares -1.4% to a price of $22.34. If you want to know more, read the company's complete 8-K report here.
