US-based footwear and accessories retailer Shoe Carnival has announced a net sales increment to $1.20bn for the fiscal year 2024 (FY24) – a 2.3% increase compared to the previous fiscal year’s $1.17bn.
The company attributes its growth to the robust performance of Shoe Station, which saw a 5.7% surge in net sales, and the contribution of more than $80m from Rogan’s acquisitions.
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The company’s gross profit reached $428.79m in fiscal 2024, securing a gross margin of 35.6% and marking the fourth consecutive year of surpassing the 35% threshold.
Net income for the fiscal year stood at $73.8m, translating to earnings of $2.68 per diluted share.
In the fourth quarter (Q4) of the fiscal year, net sales reached $262.93m, a slight decrease from the previous year’s $280.16m.
The company’s net income was recorded at $14.66m in Q4 FY24, or $0.53 per diluted share, with gross profit margin up by 35 basis points to 34.9%.
Operating expenses experienced a downturn as selling, general and administrative costs dropped $2.1m to $77.6m in the fourth quarter of FY24.
Looking ahead to FY25, Shoe Carnival is setting out its financial forecast amid anticipated market volatility due to tariffs, inflationary pressures and geopolitical uncertainties that may sway consumer confidence and spending patterns in family footwear.
The company anticipates net sales between $1.15bn and $1.23bn, reflecting potential fluctuations – a decrease of up to 4% or an increase of up to 2% – relative to fiscal 2024.
It projected GAAP [generally accepted accounting principles] earnings per share between $1.60 and $2.10, inclusive of initial costs associated with the company’s strategy to rebanner between 50 and 75 Shoe Carnival stores to Shoe Station stores in 2025.
As of 20 March 2025, Shoe Carnival operates 431 stores: 346 Shoe Carnival locations, 57 Shoe Station outlets and 28 Rogan’s stores.
