Companies

Shoe Carnival outlines growth strategy for Shoe Station banner

Mar 27, 2025 United States

As it reported its fourth quarter and full year 2024 results, the US-based footwear retailer has unveiled a strategy to “rapidly scale up Shoe Station” into a national footwear retailer

“I would like to thank our team members and brand partners for their exceptional contributions to our growth during Fiscal 2024. We achieved the very top end of our annual profit guidance and drove solid sales growth despite a challenging economic landscape. Shoe Station expanded at a pace that made it the fastest growing retailer in our industry once again. We rapidly captured full synergies from our Rogan’s acquisition and grew our sales during key event periods throughout the year”, said Mark Worden, President and Chief Executive Officer.

Shoe Station Expansion

As a result of the successful performance of Shoe Station, Shoe Carnival plans to re-banner 175 stores to Shoe Station, resulting in over half of the fleet operating under the Shoe Station banner within the next 24 months. The company anticipates long-term market share growth in areas where the Shoe Carnival concept has underperformed, and expansion into new markets in a future phase.

Currently, Shoe Carnival operates 431 stores, with 346 Shoe Carnival stores, 57 Shoe Station stores and 28 Rogan’s stores.

Full Year Results

In the twelve months to the 31^st of January 2024, the company’s net sales reached 1.2 billion US dollars, an increase of 2.3% on a comparable basis to fiscal year 2023, driven by 5.7% growth at Shoe Station and a contribution of over 80 million US dollars from Rogan’s. In the fourth quarter alone, net sales declined to 262.9 million US dollars from 280.2 million US dollars in the same year-ago period.

Shoe Carnival reported a full year gross profit margin of 35.6%, resulting in the fourth consecutive year gross profit margin exceeding 35%.

In the fiscal year 2024, the company’s net income was 73.8 million US dollars, or 2.68 US dollars per diluted share, as compared to a net income of 73.3 million US dollars, or 2.68 US dollars per diluted share, in the prior fiscal year.

Full year adjusted net income was 75.0 million US dollars, or 2.72 US dollars per diluted share, as compared to 74.0 million US dollars, or 2.70 US dollars per diluted share, in the prior fiscal year.

At the end of the fiscal year, Shoe Carnival recorded cash, cash equivalents and marketable securities of approximately 123.1 million US dollars, an increase of 11.9 million US dollars over the previous. Full year operating cash flow totalled 102.6 million US dollars.

Fiscal 2025 Outlook

For the full year 2025, the company expects net sales to be in the range of 1.15 billion US dollars to 1.23 billion US dollars, a range of down by 4% to up by 2%, as compared to the prior year. GAAP earnings per share are expected to be between 1.60 and 2.10 US dollars, including the first-year costs of the rebanner strategy.

This outlook takes into account potential volatility due to tariffs, inflation and geopolitical factors affecting consumer spending. It also reflects uncertainty around the timing of the opening of 50 to 75 rebranded stores.

Image Credits: seminolecitycenter.com

Store United States Footwear Quarter Results Results Shoe Carnival Strategy Year Results