In the fourth quarter, the company reported net sales of US$280.2 million, a drop of 3.6% year-on-year. Comparable stores sales were down 9.4%, primarily due to soft trends prior to the December holiday period and weather disruptions in January.

Fourth quarter net income was US$15.5 million, a drop of 28% year-on-year, while net income for the full year was down by 33.4% to US$73.3 million.

Looking forward to the full 2024 fiscal year, Shoe Carnival expects net sales to be between US$1.21-1.25 billion, representing growth of 4-6%.

The company recently announced the acquisition of Rogan’s, a 53-year-old work and family footwear company with 28 store locations in Wisconsin, Minnesota and Illinois, for US$45 million.

President and CEO Mark Worden said: “I would like to thank our dedicated team members and vendor partners for their support in driving growth during the key holiday period and setting us up for continued growth in 2024. With the acquisition of Rogan’s, we are now at an all-time high of 429 stores. Rogan’s will be immediately accretive to our results in 2024 and the level of accretion is expected to meaningfully increase in 2025.

“The integration progress to date has been encouraging and we are raising the full synergy expectation to US$2.5 million and accelerating the integration schedule, with the expectation of now realising full synergies in 2025. We are well positioned to advance our strategy to be the nation’s leading family footwear retailer by accelerating growth, as well as pursuing additional growth initiatives and M&A opportunities in the future.”