Shoe Carnival Inc. Files 2024 Annual Report on Form 10-K

TL;DR

<b>Shoe Carnival Inc. filed its 2024 10-K, detailing financial results and business segments for the fiscal years ending January 2022, January 2023, and February 2024.</b>

AI Summary

SHOE CARNIVAL INC (SCVL) filed a Annual Report (10-K) with the SEC on March 22, 2024. Shoe Carnival Inc. filed its 10-K report for the fiscal year ending February 3, 2024. The filing covers the period from January 31, 2021, to February 3, 2024, detailing financial performance and business operations. Key financial data points such as Sales Revenue, Net Income, and EPS are included for the fiscal years 2021, 2022, and 2023. The report details various segments including Men, Women, Children, Athletics, Non-Athletics, and Shoe Station. Subsequent events noted include the acquisition of Rogan Shoes Incorporated on February 13, 2024.

Why It Matters

For investors and stakeholders tracking SHOE CARNIVAL INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Shoe Carnival's financial health and operational performance over the past three fiscal years, crucial for investors assessing the company's trajectory. The inclusion of specific segment data and subsequent events like the Rogan Shoes acquisition offers insights into strategic growth initiatives and potential future revenue streams.

Risk Assessment

Risk Level: medium — SHOE CARNIVAL INC shows moderate risk based on this filing. The company operates in the retail shoe store industry, which is subject to fluctuating consumer spending and competitive pressures, as indicated by the SIC code and the nature of the business.

Analyst Insight

Investors should review the detailed financial statements and segment performance within the 10-K to understand the drivers of revenue and profitability, and assess the impact of recent acquisitions.

Key Numbers

• 2024-02-03 — Fiscal Year End (Most recent fiscal year end)
• 2023-01-29 — Fiscal Year End (Previous fiscal year end)
• 2022-01-30 — Fiscal Year End (Prior fiscal year end)
• 2024-02-13 — Subsequent Event Date (Acquisition of Rogan Shoes Incorporated)

Key Players & Entities

• SHOE CARNIVAL INC (company) — FILER
• SCVL (company) — ticker symbol
• 2024-02-03 (date) — Fiscal Year End
• 2024-03-22 (date) — Filing Date
• Rogan Shoes Incorporated (company) — Acquisition
• Nike Inc (company) — Supplier
• Skechers Usa Inc (company) — Supplier
• Crocs Inc (company) — Supplier

FAQ

Risk Factors

• Supplier Concentration Risk [medium — market]: Sales revenue is subject to concentration risk from key suppliers such as Nike Inc., Skechers USA Inc., and Crocs Inc.
• Cloud Computing Arrangements [low — operational]: The company has arrangements related to cloud computing, which may involve operational dependencies.

Key Dates

• 2024-02-03: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-03-22: Filing Date — Date the 10-K was filed with the SEC.
• 2024-02-13: Acquisition of Rogan Shoes Incorporated — A significant subsequent event impacting the company's structure.

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share SCVL The Nasdaq Stock Mar
• $2.9 million — physical stores generated an average of $2.9 million in Net Sales in Fiscal 2023 and approxi
• $255 — Sales in Fiscal 2023 and approximately $255 in Net Sales per square foot. We believ
• $1.18 billion — K. In Fiscal 2023, our Net Sales were $1.18 billion and our ambition is to achieve omnichan
• $2 billion — achieve omnichannel sales in excess of $2 billion in 2028. Our fiscal year is a 52/53 w
• $70.4 m — assets were acquired for approximately $70.4 million, funded with cash on hand. This a
• $104.5 million — ributed to the Shoe Station banner were $104.5 million in Fiscal 2023, $99.9 million in Fiscal
• $99.9 million — ner were $104.5 million in Fiscal 2023, $99.9 million in Fiscal 2022 and $16.6 million from t
• $16.6 million — 2023, $99.9 million in Fiscal 2022 and $16.6 million from the acquisition date through Janua
• $56.3 million — scal 2022 our capital expenditures were $56.3 million and $77.3 million, respectively, with a
• $77.3 m — tal expenditures were $56.3 million and $77.3 million, respectively, with a primary foc
• $25 million — itures are expected to be in a range of $25 million to $35 million in Fiscal 2024 and lower
• $35 million — cted to be in a range of $25 million to $35 million in Fiscal 2024 and lower than prior yea
• $111.2 million — . We ended Fiscal 2023 with no debt and $111.2 million of Cash and Cash Equivalents and Market
• $61 million — quivalents and Marketable Securities of $61 million to $132 million at the end of each fisc

Filing Documents

• scvl-20240203.htm (10-K) — 2542KB
• scvl-ex10_d.htm (EX-10.D) — 40KB
• scvl-ex21.htm (EX-21) — 8KB
• scvl-ex23.htm (EX-23) — 4KB
• scvl-ex31_1.htm (EX-31.1) — 14KB
• scvl-ex31_2.htm (EX-31.2) — 15KB
• scvl-ex32_1.htm (EX-32.1) — 8KB
• scvl-ex32_2.htm (EX-32.2) — 8KB
• scvl-ex97.htm (EX-97) — 48KB
• 0000950170-24-035337.txt (&nbsp;) — 9847KB
• scvl-20240203.xsd (EX-101.SCH) — 1211KB
• scvl-20240203_htm.xml (XML) — 1806KB

Business

Business 4 Item 1A.

Risk Factors

Risk Factors 13 Item 1B. Unresolved Staff Comments 25 Item 1C. Cybersecurity 25 Item 2.

Properties

Properties 27 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 28 PART II Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 29 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 41 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 66 Item 9B. Other Information 68 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III Item 10. Directors, Executive Officers and Corporate Governance 69 Item 11.

Executive Compensation

Executive Compensation 69 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 69 Item 13. Certain Relationships and Related Transactions, and Director Independence 69 Item 14. Principal Accountant Fees and Services 69 PART IV Item 15. Exhibits and Financial Statement Schedules 70 Item 16. Form 10-K Summary 72

Signatures

Signatures 73 Shoe Carnival, Inc. Evansville, Indiana Annual Report to Securities and Exchange Commission For the Fiscal Year Ended February 3, 2024 PAR T I Cautionary Statement Regarding Forward-Looking Information This Annual Report on Form 10-K contains forward-looking statements, within the meaning of the Private Securities Litigation Reform Act of 1995, that involve a number of risks and uncertainties. A number of factors could cause our actual results, performance, achievements or industry results to be materially different from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, but are not limited to: our ability to control costs and meet our labor needs in a rising wage, inflationary, and/or supply chain constrained environment; the impact of competition and pricing, including our ability to maintain current promotional intensity levels; the effects and duration of economic downturns and unemployment rates; our ability to achieve expected operating results from, and planned growth of, our Shoe Station banner, which includes the recently acquired stores and operations of Rogan's, within expected time frames, or at all; the potential impact of national and international security concerns, including those caused by war and terrorism, on the retail environment; general economic conditions in the areas of the continental United States and Puerto Rico where our stores are located; changes in the overall retail environment and more specifically in the apparel and footwear retail sectors; our ability to successfully utilize the e-commerce sales channel and its impact on traffic and transactions in our physical stores; the success of the open-air shopping centers where many of our stores are located and the impact on our ability to attract customers to our stores; our ability to attract customers to our e-commerce platform and to successfully grow our omnichannel sales; the

BUSINESS

ITEM 1. BUSINESS Our Company Shoe Carnival, Inc. is one of the nation's largest omnichannel sellers of family footwear. We operate a retail focused business model that aims to deliver the leading footwear shopping experience with the national name brands desired by our customers. Our "bricks" first, omnichannel approach provides customers easy access to our wide assortment of branded footwear for athletics, daily activities and special events via their choice of delivery channel. We have a proven track record selling branded footwear, such as Nike, Skechers, Crocs, adidas, Puma, HEYDUDE, Converse and Vans, and generating profits without incurring debt. We have been in business for 45 years and have been a public company subject to SEC reporting requirements since 1993. Since 1993, we have earned a profit in every year except 1995. As part of our long-term growth strategy, we have invested significantly in customer relationship management ("CRM") capabilities, e-commerce infrastructure, modernization of our store fleet, and acquisitions as key drivers of profitable growth. Since Fiscal 2019, our Diluted Net Income per Share has increased 84%, Gross Profit margin expanded 570 basis points, and Net Sales grew 13%. As of our Fiscal 2023 year end, we operated 400 stores across 35 states and Puerto Rico under our Shoe Carnival and Shoe Station banners. Including e-commerce sales in close proximity to a physical store, our comparable physical stores generated an average of $2.9 million in Net Sales in Fiscal 2023 and approximately $255 in Net Sales per square foot. We believe there is potential within our existing markets to grow our store count to over 500 stores in 2028 through both organic and acquired store growth. We believe this opportunity to increase our scale, together with stable operating income margins, will continue to drive shareholder value and our future earnings potential. Subsequent to year end, on February 13, 2024, we furthered our acquisition

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View this 10-K filing on SEC EDGAR