Shoe Carnival (SCVL) Q4 2025 earnings summary

Executive summary

• Achieved net sales of $1.203 billion in fiscal 2024, up 2.3% year-over-year, outperforming an industry that contracted mid-single digits.

• Adjusted net income reached $75 million ($2.72 per share), at the high end of guidance; GAAP EPS was $2.68.

• Shoe Station banner grew 5.7% and outperformed the industry, while Shoe Carnival banner saw declines in non-event periods.

• Completed the acquisition and integration of Rogan's Shoes, contributing over $80 million in sales and exceeding operating income targets by 20%.

• Announced a transformational strategy to rebanner 175 stores to Shoe Station, aiming for national expansion with 51% of stores to be rebranded within 24 months.

Financial highlights

• Q4 net sales were $262.9 million, down from $280.2 million last year due to a retail calendar shift; comparable store sales declined 6.3%.

• Q4 adjusted EPS was $0.54, compared to $0.59 in Q4 2023; full-year adjusted EPS was $2.72, up from $2.70.

• Gross profit margin for the year was 35.6%, exceeding 35% for the fourth consecutive year.

• Cash, cash equivalents, and marketable securities totaled $123.1 million at year-end, up from $99.0 million prior year.

• Operating cash flow for fiscal 2024 totaled $102.6 million; capital expenditures were $23 million lower than the prior year.

Outlook and guidance

• Fiscal 2025 net sales expected between $1.15 billion and $1.23 billion (down 4% to up 2%).

• GAAP EPS guidance for 2025 is $1.60–$2.10, reflecting a $0.65 per share P&L investment for the rebanner strategy.

• Capital expenditures projected at $45–$60 million, with $35–$45 million for rebannering and store growth.

• Comparable sales expected to move in line with total sales guidance; gross margin anticipated to remain above 35%.

• Rebanner strategy to reduce 2025 operating income by $20–$25 million, with payback expected in 2–3 years per store.