Shoe Carnival, Inc. has recently released its 10-K report, providing an in-depth look into its financial performance and operations. The company operates as a family footwear retailer in the United States, offering a wide range of products, including dress and casual shoes, sandals, boots, and athletic shoes for men, women, and children.
In its 10-K report, Shoe Carnival, Inc. discussed the management's discussion and analysis of financial condition and results of operations. The report highlighted that the company's fiscal year ended on the Saturday closest to January 31, with Fiscal 2023 consisting of 53 weeks and Fiscal 2024 consisting of 52 weeks. The company reported net sales of $1.2 billion in Fiscal 2024, representing a 2.3% increase compared to Fiscal 2023.
Shoe Carnival, Inc. also provided an overview of its recent acquisition of Rogan Shoes, Incorporated, which added 28 physical stores to its portfolio. The company has been evaluating customer analytics and market data to expand its Shoe Station concept, with plans to rebanner 175 stores to the Shoe Station banner over the next 24 months.
In terms of financial performance, Shoe Carnival, Inc. reported that its gross profit margin was above 35% for the fourth consecutive year in Fiscal 2024. The company's operating income totaled $91.2 million, reflecting a 2.5% decrease compared to Fiscal 2023. However, its net income for Fiscal 2024 was $73.8 million, slightly higher than the previous fiscal year.
The company also highlighted its capital management and inventories, noting that it ended Fiscal 2024 with no debt and $123.1 million of cash, cash equivalents, and marketable securities. Additionally, merchandise inventories totaled $385.6 million at the end of Fiscal 2024, primarily reflecting the acquired inventory from Rogan's.
Shoe Carnival, Inc. provided a detailed breakdown of its results of operations, expressing various financial metrics as a percentage of net sales for Fiscal 2024, 2023, and 2022. The report outlined changes in net sales, gross profit, selling, general, and administrative expenses, as well as interest and other income, interest expense, and income taxes.
Following these announcements, the company's shares moved -4.1%, and are now trading at a price of $21.52. If you want to know more, read the company's complete 10-K report here.
