Shoe Carnival Acquires Shoe Station For $67M

Shoe Carnival Acquires Shoe Station For $67M
  • Shoe Carnival Inc SCVL has acquired all of the assets of privately-held, family-owned Shoe Station Inc for $67 million. Shoe Station operates stores in five Southeastern states.
  • Brent Barkin, the son of Shoe Station's founder Terry S. Barkin, will continue to lead Shoe Station.
  • The company expects the transaction to be immediately accretive to EPS in FY22, contributing ~$100 million in incremental net sales, with operating income exceeding 10% on a normalized basis.
  • Shoe Carnival expects to surpass 400 stores by the end of 2022.
  • The company held $173.4 million in cash and equivalents as of October 30, 2021.
  • Price Action: SCVL shares are trading lower by 0.91% at $38.45 on the last check Friday.

Posted In: BriefsM&ANewsSmall Cap