Multi-billion dollar target for Shoe Carnival
Shoe Carnival, one of the US’s biggest footwear retailers, has reported a jump in annual revenues, following its 2021 acquisition of competitor Shoe Station, which it says puts it on track to become a multi-billion-dollar retailer in five years.
Full-year net sales grew $225.7 million, or 22% compared with 2019, with the Shoe Carnival banner growing $125.8 million and the Shoe Station stores contributing $99.9 million.
A key contributor was an 8 million (30%) increase in Shoe Perks loyalty members since 2019.
CEO Mark Worden said: "Our growth strategies to increase scale, modernise our customer experience, leverage customer data and carry the hottest branded merchandise are working. As a result, the total earnings per share generated over the last two years have exceeded the earnings per share the corporation achieved over the preceding 13 years combined.
“We expect this profit level to continue on our track to becoming a multi-billion-dollar retailer by 2028.”
The company ended its fiscal year with 397 total stores, 373 Shoe Carnival stores and 24 Shoe Station stores. It is currently modernising its stores, with 40% completed.
