SHOE STATION GROUP INC SHOE
Shoe Carnival, Inc. is one of the nation's largest omnichannel retailers of footwear and accessories for the family. Our goal is to be the leading family footwear retailer in the United States. We operate a retail-focused business model designed to deliver a differentiated footwear shopping experience featuring national name brands. Our omnichannel approach provides customers easy access to our broad assortment of branded footwear for athletics, daily activities, special events and work through the customer's preferred delivery channel.
We have a demonstrated track record of selling branded footwear, including Nike, Skechers, Crocs, adidas, Puma, HEYDUDE, HOKA, Birkenstock, Converse and Brooks, and of generating profits without incurring debt. We have been in operation for 47 years and have been subject to SEC reporting requirements as a public company since 1993. Since 1993, we have earned a profit in every fiscal year except 1995.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.14B | $1.20B | $1.18B | $1.26B | $1.33B | $976.8M | $1.04B | $1.03B | $1.02B | $1.00B |
| Cost of revenue | $720.2M | $774.1M | $754.5M | $794.1M | $803.6M | $696.8M | $724.7M | $720.7M | $722.9M | $711.9M |
| Gross profit | $415.1M | $428.8M | $421.4M | $468.2M | $526.8M | $280.0M | $311.9M | $309.0M | $296.3M | $289.2M |
| SG&A | $348.4M | $337.6M | $327.9M | $321.7M | $319.1M | $258.1M | $257.7M | $259.2M | $258.6M | $251.3M |
| Operating income | $66.8M | $91.2M | $93.5M | $146.4M | $207.7M | $21.9M | $54.2M | $49.8M | $37.7M | $37.9M |
| Interest expense | $373.0K | $314.0K | $282.0K | $294.0K | $478.0K | $412.0K | $191.0K | $150.0K | $292.0K | $169.0K |
| Pre-tax income | $70.4M | $97.5M | $96.1M | $147.1M | $207.2M | $21.6M | $54.7M | $50.4M | $37.4M | $37.7M |
| Income tax | $18.1M | $23.7M | $22.8M | $37.1M | $52.3M | $5.6M | $11.8M | $12.2M | $18.5M | $14.2M |
| Net income | $52.3M | $73.8M | $73.3M | $110.1M | $154.9M | $16.0M | $42.9M | $38.1M | $18.9M | $23.5M |
| EPS, basic | 1.91 | 2.72 | 2.69 | 4.00 | 5.49 | 0.57 | 1.49 | 2.51 | 1.15 | 1.28 |
| EPS, diluted | 1.90 | 2.68 | 2.68 | 3.96 | 5.42 | 0.56 | 1.46 | 2.45 | 1.15 | 1.28 |
| Shares, diluted (wtd. avg.) | $27.5M | $27.5M | $27.4M | $27.8M | $28.6M | $28.5M | $29.4M | $15.5M | $16.2M | $18.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $117.1M | $108.7M | $99.0M | $51.4M | $117.4M | $106.5M | $61.9M | $67.0M | $48.3M | $62.9M |
| Short-term investments | $13.6M | $14.4M | $12.2M | $11.6M | $15.0M | $0 | — | — | — | — |
| Receivables | $6.4M | $9.0M | $2.6M | $3.1M | $14.2M | $7.1M | $2.7M | $1.2M | $6.3M | $4.4M |
| Inventory | $439.6M | $385.6M | $346.4M | $390.4M | $285.2M | $233.3M | $259.5M | $257.5M | $260.5M | $279.6M |
| Total current assets | $596.1M | $536.1M | $481.3M | $469.7M | $442.0M | $355.3M | $329.6M | $337.3M | $320.6M | $351.8M |
| Property, plant and equipment | $185.6M | $172.8M | $168.6M | $141.4M | $88.5M | $62.3M | $67.8M | $70.6M | $86.3M | $96.2M |
| Goodwill | $18.0M | $18.0M | $12.0M | $12.0M | $11.4M | $0 | — | — | — | — |
| Other intangibles | $40.9M | $41.0M | $32.6M | $32.6M | $32.6M | $0 | — | — | — | — |
| Total assets | $1.20B | $1.12B | $1.04B | $989.8M | $812.3M | $642.7M | $628.4M | $418.0M | $415.6M | $458.5M |
| Accounts payable | $79.2M | $52.0M | $58.3M | $78.8M | $69.1M | $57.7M | $60.7M | $48.7M | $41.7M | $67.8M |
| Total current liabilities | $158.4M | $130.4M | $127.9M | $157.3M | $153.7M | $130.9M | $122.5M | $70.8M | $56.8M | $86.3M |
| Total liabilities | $512.1M | $475.1M | $458.6M | $464.2M | $359.7M | $332.6M | $331.0M | $113.6M | $108.3M | $139.6M |
| Retained earnings | $808.8M | $773.4M | $714.6M | $653.5M | $553.5M | $406.7M | $395.8M | $360.4M | $326.7M | $312.6M |
| Total equity | $689.7M | $649.0M | $583.4M | $525.6M | $452.5M | $310.2M | $297.4M | $304.4M | $307.3M | $318.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $71.3M | $102.6M | $122.8M | $50.4M | $147.9M | $63.4M | $66.9M | $74.1M | $40.3M | $63.8M |
| Depreciation and amortisation | $34.3M | $31.1M | $28.8M | $23.2M | $18.8M | $16.1M | $16.9M | $21.8M | $21.8M | $23.7M |
| Stock-based compensation | $7.3M | $7.7M | $4.9M | $5.4M | $5.5M | $3.9M | $6.5M | $10.2M | $5.0M | $3.8M |
| Capital expenditure | $44.7M | $33.2M | $56.3M | $77.3M | $31.4M | $12.4M | $18.5M | $7.4M | $19.7M | $21.8M |
| Investing cash flow | -$44.0M | -$77.7M | -$54.6M | -$74.0M | -$119.2M | -$12.1M | -$17.8M | -$4.4M | -$19.7M | -$21.8M |
| Financing cash flow | -$18.9M | -$15.3M | -$20.5M | -$42.5M | -$17.7M | -$6.7M | -$54.3M | -$51.0M | -$35.4M | -$47.8M |
| Dividends paid | $16.7M | $14.7M | $12.2M | $10.0M | $8.0M | $5.1M | $5.7M | $4.8M | $4.8M | $5.0M |
| Buybacks | $0 | $0 | $5.4M | $30.5M | $7.1M | $0 | $37.8M | $46.0M | $29.8M | $42.6M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-191497.
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