On this page of StockholderLetter.com we present the latest annual shareholder letter from SHOE CARNIVAL INC — ticker symbol SCVL. Reading current and past SCVL letters to shareholders can bring important insights into the investment thesis.
2024 ANNUAL REPORT
Financial Highlights o ni l li si ni n o in n s l s n o ll o ili s s s o n n s o l om n s o n o ns o m ion s i s il n in om s ( ) i in s n om o n nn l o o sin $2 68 84% Increase EPS Growth 2024 vs 2019 2014 2019 10 years ago 5 years ago Net Sales (in millions) 2024 $1 202 9M 16% Increase Net Sales Growth $940 2M 2024 vs 2019 2014 2019 10 years ago 5 years ago 2024 $91 2M 68% Increase Operating in o e Growth vs 2019 2014 2019 10 years ago 5 years ago 2024

Letter to Shareholders am leased to share that d ring e achie ed o r nancial e ectations and made signi cant rogress ad ancing o r long term strategies Loo ing ac at o r res lts e gre net sales e anded mar et share ca t red ne c stomers and entered ne mar ets e achie ed gross ro t margin o er or the o rth consec ti e ear and gre earnings er share at a le el that as higher than S ears ago and higher than S ears ago For the th consec ti e ear e started the ear ith no de t and nished the ear ith no de t hile gro ing o r cash alances and iss ing o r st consec ti e arterl di idend es ite contin ed olatilit in the ind str and the glo al econom e strengthened o r nancial osition last ear and are ositioned ell to im lement o r strategic lans in is a core art o o r gro th strateg and in Fe r ar e nali ed o r second ac isition e ac ired ogan s a store oot ear retailer in the er id est thro gh a cash deal ogan s is the leading oot ear retailer in isconsin and ro ided s a oothold in a ne state o o erating in innesota ntegration e orts ere smooth and com leted ell ahead o sched le d ring ear one sales achie ed o r e ectations and e ca t red s nergies aster and greater than e orecasted Shoe Station as once again the astest gro ing retail anner in the amil oot ear ind str gro ing in e isting and ne mar ets e com leted an im ortant in mar et re anner test in here c stomer and mar et data indicated Shoe Station o ld etter meet c stomer needs than an e isting Shoe arni al store s art o the test e closed nder er orming Shoe arni al stores and o ened ne Shoe Station stores
he o erall res lts e ceeded o r s ccess criteria and highlighted that e ha e a signi cant gro th o ort nit to e and Shoe Station rom a regional chain to a national oot ear retailer or is nder a no to scale Shoe Station store co nts re annering nder er orming stores in o r eet and also those stores here the c stomer data indicates res lts o ld e e en etter as a Shoe Station store r target is o er o the c rrent store eet ill e o erated as a Shoe Station store arch arlier this ear e de ned o r e isting o ce in Fort ill So th arolina a small to n min tes so th o harlotte as o r or orate H he ict re a o e is the team d ring a moc ri on c tting ceremon or the ne H his o ce is here senior leaders merchants mar eters and o r c stomer acing teams are ased t is also here e colla orate ith o r endor artners host o r ann al shareholders meeting and cond ct o r oard meetings and earnings calls s s ch e determined that this o ce location o ld est ser e as o r cor orate head arters e also o erate o r shared ser ice ac o ce nctions or Shoe Station Shoe arni al and ogan s stores as ell as o r s l chain rom o r e isting o ce and distri tion center in ndiana r ision is clear to e the nation s leading oot ear retailer or the amil am so than l or the s ort to achie e this ision rom o r e ce tional endor artners o r team mem ers and o r millions o c stomers that choose to sho at Shoe arni al Shoe Station ogan s or o r dot com lat orms President Chie xecutive O cer
 • shareholder letter icon 5/14/2025 Letter Continued (Full PDF)
 • stockholder letter icon 5/9/2023 SCVL Stockholder Letter
 • stockholder letter icon 5/14/2024 SCVL Stockholder Letter
 • stockholder letter icon More "Apparel Stores" Category Stockholder Letters
 • Benford's Law Stocks icon SCVL Benford's Law Stock Score = 59


SCVL Shareholder/Stockholder Letter Transcript:

2024 ANNUAL REPORT

Financial Highlights
    o         ni    l     li           si  ni      n       o       in n     s  l  s   n   o        ll     o        ili           s  s                s     o   n       n         s
    o   l                   om    n    s     o         n       o           ns  o  m    ion s            i  s     il         n     in  om          s         (      )       i        
in                    s  n            om  o  n     nn    l     o                o          sin               
$2 68
84%
Increase
EPS Growth
2024 vs 2019

2014
2019
10 years ago
5 years ago
Net Sales (in millions)
2024
$1 202 9M
16%
Increase
Net Sales Growth
$940 2M
2024 vs 2019
2014
2019
10 years ago
5 years ago
2024
$91 2M
68%
Increase
Operating
in  o  e Growth
vs 2019
2014
2019
10 years ago
5 years ago
2024


Letter to Shareholders
   am   leased to share that d  ring            e achie  ed o  r   nancial e    ectations and made signi  cant   rogress ad  ancing o  r
long  term strategies  
Loo  ing   ac   at o  r          res  lts     e gre   net sales   e    anded mar  et share   ca  t  red ne   c  stomers   and entered ne   mar  ets  
  e achie  ed gross   ro  t margin o  er          or the   o  rth consec  ti  e   ear   and gre   earnings   er share at a le  el that   as       
higher than     S      ears ago and          higher than     S        ears ago   For the     th consec  ti  e   ear     e started the   ear   ith no de  t
and   nished the   ear   ith no de  t     hile gro  ing o  r cash   alances and iss  ing o  r     st consec  ti  e     arterl   di  idend     es  ite
contin  ed   olatilit   in the ind  str   and the glo  al econom       e strengthened o  r   nancial   osition last   ear and are   ositioned
  ell to im  lement o  r strategic   lans in           
       is a core   art o   o  r gro  th strateg     and in Fe  r  ar              e   nali  ed o  r second ac    isition     e ac    ired   ogan  s   a      store
  oot  ear retailer in the       er   id  est   thro  gh a          cash deal     ogan  s is the leading   oot  ear retailer in   isconsin and   ro  ided
  s a   oothold in a ne   state o   o  erating in   innesota     ntegration e    orts   ere smooth and com  leted   ell ahead o   sched  le
d  ring              ear one sales achie  ed o  r e    ectations   and   e ca  t  red s  nergies   aster and greater than   e   orecasted  
Shoe Station   as once again the   astest gro  ing retail   anner in the   amil     oot  ear ind  str     gro  ing in e  isting and ne   mar  ets  
  e com  leted an im  ortant in  mar  et   re  anner   test in            here c  stomer and mar  et data indicated Shoe Station   o  ld
  etter meet c  stomer needs than an e  isting Shoe   arni  al store     s   art o   the test     e closed        nder  er  orming Shoe   arni  al
stores and o  ened      ne   Shoe Station stores  

  he o  erall res  lts e  ceeded o  r s  ccess criteria and highlighted that   e ha  e a signi  cant gro  th o    ort  nit   to e    and Shoe Station
  rom a regional chain to a national   oot  ear retailer     or   is   nder  a   no   to scale      Shoe Station store co  nts      re  annering
  nder  er  orming stores in o  r   eet and also those stores   here the c  stomer data indicates res  lts   o  ld   e e  en   etter as a Shoe
Station store       r target is o  er        o   the c  rrent store   eet   ill   e o  erated as a Shoe Station store        arch           
  arlier this   ear     e de  ned o  r e  isting o    ce in Fort   ill   So  th   arolina   a small to  n      min  tes so  th o     harlotte as o  r   or  orate H    
  he   ict  re a  o  e is the team d  ring a moc   ri    on c  tting ceremon     or the ne   H       his o    ce is   here senior leaders   merchants  
mar  eters   and o  r c  stomer   acing teams are   ased     t is also   here   e colla  orate   ith o  r   endor   artners   host o  r ann  al
shareholders meeting and cond  ct o  r   oard meetings and earnings calls     s s  ch     e determined that this o    ce location   o  ld   est
ser  e as o  r cor  orate head    arters     e also o  erate o  r shared ser  ice   ac   o    ce     nctions   or Shoe Station   Shoe   arni  al and
  ogan  s stores as   ell as o  r s      l   chain   rom o  r e  isting o    ce and distri    tion center in   ndiana  
    r   ision is clear   to   e the nation  s leading   oot  ear retailer   or the   amil        am so than      l   or the s      ort to achie  e this   ision   rom
o  r e  ce  tional   endor   artners   o  r            team mem  ers   and o  r millions o   c  stomers that choose to sho   at Shoe   arni  al   Shoe
Station     ogan  s   or o  r dot  com   lat  orms  
President    Chie     xecutive O    cer



shareholder letter icon 5/14/2025 Letter Continued (Full PDF)
 

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