![]() Comparable store traffic increased 18 percent, driving comparable store sales growth of 17.7 percent on top of a 6.4 percent increase in fiscal 2020.įourth quarter gross profit margin was 37.3 percent in 2021 compared to 30.8 percent in 2020, and includes a $1.1 million one-time Shoe Station acquisition-related charge. We aim to add 10 plus stores in fiscal 2022 with accelerated growth to 20 plus additions beginning in fiscal 2023.įourth quarter net sales grew 23.4 percent to $313.4 million, setting a new fourth quarter record. Return on equity is expected to be between 24 percent and 26 percent for shareholders. Operating income is expected to be in the range of $142 million to $154 million, compared to the pre-pandemic record of $54.2 million in fiscal 2019.ĮPS is expected to be in the range of $3.80 to $4.10, compared to $1.46 in fiscal 2019. Net sales are expected to increase 4 to 7 percent compared to the prior year, on top of the 36.2 percent increase achieved during fiscal 2021. We now expect to sustain operating income and EPS levels that are more than double the pre-pandemic record levels set in fiscal 2019.” “Our strategic investments, and recent acquisition of a second retail banner, have us positioned very well for continued sales growth in 2022, and for rapid store expansion in the years ahead. Fourth quarter momentum was very strong as we closed out the year, with store traffic up 18 percent, net sales up 23 percent, and EPS growth of 177 percent versus the prior year,” said Mark Worden, President and Chief Executive Officer. “Our outstanding team members delivered double-digit sales growth and triple-digit EPS growth during every quarter of 2021, resulting in the best year in Shoe Carnival’s 43-year history. Non-GAAP (excluding acquisition-related charges included in operating income) Selling, general and administrative expenses After the close of the deal, the company will have more than $100 million in cash on hand, consistent with cash reserves from the same period in fiscal 2020.Change in net sales compared to prior year We are delighted to become part of Shoe Carnival, and I cannot wait to partner with Mark and his talented team to unlock more exciting opportunities to come.”Īccording to Shoe Carnival, the transaction is expected to contribute approximately $100 million in incremental net sales. “Taken together, the two brands create a winning customer value proposition. “Shoe Carnival brings infrastructure and financial backing to significantly accelerate our Shoe Station brand growth,” added Barkin in a statement. The retailer said that Barkin will continue to lead Shoe Station while focusing on new business growth opportunities for the combined company. Brent Barkin, who is the son of Founder Terry Barkin, will become Shoe Carnival’s SVP of new business development and integration, reporting to Worden. “Coming on the heels of our best quarter of our best year in our 43-year history, this deal accelerates our journey toward becoming a multi-billion dollar retailer in the years ahead.” “We are excited to welcome Shoe Station to the Shoe Carnival team,” said Shoe Carnival President and CEO Mark Worden in a statement. Three Major Takeaways From This Week's Earnings - From Sporting Goods Strength to Brick-and-Mortar Recovery Its Newly Minted CEO Explains Why.Īs the Need for Aid Grows, Two Ten Footwear Foundation Is Becoming Faster and More Efficient Shoe Carnival Just Had Its Best Quarter Ever. ![]() Prior to the acquisition of Shoe Station, the company operated 377 stores in 35 states and Puerto Rico in addition to its e-commerce site. With the addition of these units, the company expects to surpass 400 stores by the end of 2022 and will be on a path to double-digit new store growth in the years ahead, according to a statement. In its first-ever acquisition, Shoe Carnival will now own and operate Shoe Station’s 21 locations across five Southeastern states – Alabama, Florida, Georgia, Mississippi, and Louisiana. Shoe Carnival is snapping up independent retailer Shoe Station in a $67 million cash deal as the company looks to expand its customer base across urban and suburban demographics.
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