“Our outstanding team members delivered double-digit sales growth and triple-digit EPS growth during every quarter of 2021, resulting in the best year in Shoe Carnival’s 43-year history. 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,” said Mark Worden, President and Chief Executive Officer.
Q4 and Fiscal 2021 Highlights:
- Fourth quarter net sales grew 23 percent, driven by an increase in store traffic and new customer acquisition.
- Fourth quarter EPS grew 177 percent compared to Q4 2020, and up 500 percent compared to Q4 2019, driven by operating margins more than doubling.
- Full year EPS of $5.42 grew 271 percent compared to the prior record set in fiscal 2019.
- Completed the acquisition of Shoe Station on December 3, 2021. The cash deal added a second growth banner to the retail portfolio.
- Increasing dividend 29 percent and continued to operate with no debt and over $132 million of cash, cash equivalents and investments.
- Expect fiscal year 2022 net sales to increase 4 to 7 percent on top of the 36.2 percent net sales growth achieved during fiscal 2021.
The company has made strategic plans to grow their footprint and renovate stores in the upcoming years. Nearly 50% of their store count will be remodeled by the end of fiscal 2022. Shoe carnival plans 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.
“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,” added Worden.