Shoe Carnival has recently completed the acquisition of Rogan Shoes in a cash deal worth $45 million. This strategic move is expected to have an immediate positive impact on Shoe Carnival’s fiscal 2024 earnings, with projected sales of approximately $84 million. The company plans to integrate Rogan Shoes over the course of 18 months, aiming to achieve annual synergies of $1.5 million. By fiscal 2025, half of the profit synergies are anticipated to be realized, with the full amount expected by fiscal 2026.
A Strategic Growth Strategy
Shoe Carnival’s Chief Executive, Mark Worden, outlined the company’s growth strategy, stating, “Our goal is to become the nation’s leading family footwear retailer through a combination of organic growth initiatives and M&A activity that expands our geographic footprint and customer base.”
Sales Growth and Future Projections
Furthermore, Shoe Carnival has released preliminary results for fiscal 2023, reporting sales of $1.18 billion, driven in part by strong sales growth during the December holiday period. The company plans to provide guidance for fiscal 2024 in March upon announcing the final audited results for fiscal 2023. Currently, Shoe Carnival expects to achieve low to mid-single digit sales growth for fiscal 2024.