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Shoe Carnival earnings jump, increases dividend

By Prachi Singh


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Image: Shoe Carnival, Facebook

Fourth quarter net sales at Shoe Carnival grew 23.4 percent to 313.4 million dollars, while comparable store traffic increased 18 percent, driving comparable store sales growth of 17.7 percent on top of a 6.4 percent increase in fiscal 2020.

Full fiscal year 2021 net sales grew 353.6 million dollars to 1.33 billion dollars, while comparable store sales increased 35.3 percent.

“Fourth quarter momentum was very strong as we closed out the year, with store traffic up 18 percent, net sales up 23 percent, and EPS growth of 177 percent versus the prior year. Our strategic investments, and recent acquisition of a second retail banner, have us positioned very well for continued sales growth in 2022, and for rapid store expansion in the years ahead. We now expect to sustain operating income and EPS levels that are more than double the pre-pandemic record levels set in fiscal 2019,” said Mark Worden, the company’s president and chief executive officer.

Shoe Carnival posts record earnings in FY21

Fourth quarter gross profit margin was 37.3 percent in 2021 compared to 30.8 percent in 2020. Net income for the quarter was 20.6 million dollars or 72 cents per diluted share, compared to $7.4 million dollars or 26 cents per diluted share in the fourth quarter of 2020. Adjusted net income and diluted EPS were 23.8 million dollars and 83 cents, respectively.

Gross profit margin was 39.6 percent compared to 28.7 percent in fiscal 2020. Net income was 154.9 million dollars or 5.42 dollars per diluted share. Adjusted net income and diluted EPS in fiscal 2021 were 158.1 million dollars and 5.53 dollars, respectively.

Shoe Carnival expects positive sales and earnings growth in FY22

For fiscal 2022, the company said, net sales are expected to increase 4 to 7 percent compared to the prior year, on top of the 36.2 percent increase achieved during fiscal 2021.

Operating income is expected to be in the range of 142 million dollars to 154 million dollars, compared to the pre-pandemic record of 54.2 million dollars in fiscal 2019. EPS is expected to be in the range of 3.80 dollars to 4.10 dollars, compared to 1.46 dollars in fiscal 2019.

Shoe Carnival aims to add 10 plus stores in fiscal 2022 with accelerated growth to 20 plus additions beginning in fiscal 2023.

In December, the company acquired all the assets of Shoe Station, Inc., a Southeast retailer of footwear and accessories. As of March 16, 2022, the company has completed back-office integrations approximately nine months ahead of schedule and expects to transition into store growth later in 2022.

The Company’s strategic plan is to accelerate store count expansion during each of the next three years, and aims to add 10 plus new stores during fiscal 2022, over 20 new stores in fiscal 2023, and over 25 new stores annually by fiscal 2024.

The company’s board of directors has approved a 29 percent increase to the quarterly cash dividend from 7 cents to 9 cents per share.

Shoe Carnival