Shoe Carnival, Inc. (SCVL): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Ingrese al mundo de Shoe Carnival, Inc. (SCVL), donde el calzado asequible cumple con la innovación empresarial estratégica. Esta potencia minorista ha creado magistralmente un modelo de negocio que transforma las compras de calzado de una tarea mundana a una experiencia familiar emocionante. Al combinar canales minoristas físicos y digitales, aprovechar las asociaciones estratégicas y ofrecer una amplia gama de calzado, Shoe Carnival se ha posicionado como un jugador dinámico en el panorama minorista competitivo. Sumerja más profundo para desentrañar el intrincado lienzo de modelo de negocio que impulsa el éxito de este minorista de zapatos y descubra cómo han forjado un nicho único en el mercado de calzado.

Shoe Carnival, Inc. (SCVL) - Modelo de negocios: asociaciones clave

Fabricantes y proveedores de calzado

A partir de 2023, el calzado de origen del carnaval de zapatos de múltiples fabricantes, con asociaciones clave que incluyen:

Fabricante	Volumen de suministro anual	Categorías de productos
Nike, Inc.	1.2 millones de pares	Calzado atlético y casual
Skechers USA	850,000 pares	Zapatos de comodidad y estilo de vida
Grupo adidas	750,000 pares	Rendimiento y calzado atlético

Diseñadores y marcas de calzado de marca

Shoe Carnival mantiene asociaciones estratégicas con múltiples marcas:

• Nuevo balance
• Conversar
• Steve Madden
• Camionetas
• Puma

Socios de logística y distribución

La red de distribución incluye:

Pareja	Servicios proporcionados	Volumen de envío anual
Logística de UPS	Distribución a nivel nacional	4.5 millones de paquetes
Cadena de suministro de FedEx	Gestión de almacén	3.2 millones de unidades

Plataformas de tecnología de comercio electrónico

Detalles de la asociación digital:

• Shopify Plus: plataforma principal de comercio electrónico
• Google Cloud: Infraestructura en la nube
• Salesforce Commerce Cloud: Gestión de la experiencia del cliente

Empresas de procesamiento de tarjetas de crédito y pagos

Socio de pago	Volumen de transacción	Valor de procesamiento anual
Visa	6.3 millones de transacciones	$ 412 millones
Tarjeta MasterCard	4.7 millones de transacciones	$ 298 millones
Paypal	1,2 millones de transacciones en línea	$ 87 millones

Shoe Carnival, Inc. (SCVL) - Modelo de negocio: actividades clave

Venta de zapatos minoristas en tiendas físicas

A partir del cuarto trimestre de 2023, Shoe Carnival operaba 378 tiendas minoristas físicas en 33 estados en los Estados Unidos.

Métrica de almacenamiento	Número
Total de tiendas físicas	378
Estados cubiertos	33
Tamaño promedio de la tienda	6.500 pies cuadrados.

Minorista en línea y omnicanal

En 2023, la plataforma de comercio electrónico de Shoe Carnival generó $ 214.3 millones en ingresos, lo que representa el 22.4% de las ventas totales de la compañía.

• Plataforma de comercio electrónico lanzada en 2015
• Aplicación móvil disponible para iOS y Android
• Envío gratis en pedidos superiores a $ 75

Gestión de inventario y adquisiciones

Métrico de inventario	Valor
Valor de inventario total (2023)	$ 268.4 millones
Relación de rotación de inventario	2.7x
Recuento promedio de sku	12,500 productos únicos

Campañas de marketing y promoción

El gasto de marketing para 2023 fue de $ 47.6 millones, lo que representa el 5.2% de los ingresos totales.

• Canales de marketing digital
• Publicidad en las redes sociales
• Campañas de marketing por correo electrónico
• Programa de fidelización con 2.3 millones de miembros

Servicio al cliente y gestión de experiencia

Las operaciones de servicio al cliente incluyen canales de soporte en la tienda y en línea.

Métrica de servicio al cliente	Actuación
Tasa de satisfacción del cliente	87.5%
Tiempo de respuesta promedio	24 horas
Tasa de devolución	6.2%

Shoe Carnival, Inc. (SCVL) - Modelo de negocio: recursos clave

Extensa red de tiendas minoristas

A partir del cuarto trimestre de 2023, Shoe Carnival operaba 378 tiendas minoristas en 33 estados en los Estados Unidos. Total de pies cuadrados minoristas: 3,191,000 pies cuadrados.

Métrica de almacenamiento	2023 datos
Total de las tiendas	378
Estados cubiertos	33
Total de metros cuadrados de cuadras minoristas	3,191,000 pies cuadrados

Relaciones de marca fuertes

Las asociaciones de marca clave incluyen:

• Nike
• Adidas
• Skechers
• Conversar
• Nuevo balance

Infraestructura de comercio electrónico robusta

Ingresos de ventas en línea para 2023: $ 252.1 millones, lo que representa el 21.4% de los ingresos totales de la compañía.

Métrico de comercio electrónico	Valor 2023
Ingresos de ventas en línea	$ 252.1 millones
Porcentaje de ingresos totales	21.4%

Equipo de gestión minorista experimentado

Liderazgo del equipo Promedio de tenencia: 12.5 años en la industria del calzado minorista.

Sistemas de seguimiento de inventario sofisticados

Valor de inventario al 31 de diciembre de 2023: $ 356.4 millones. Cobertura de seguimiento en tiempo real: 98.7% del inventario de la tienda.

Métrico de inventario	2023 datos
Valor de inventario total	$ 356.4 millones
Cobertura de seguimiento en tiempo real	98.7%

Shoe Carnival, Inc. (SCVL) - Modelo de negocio: propuestas de valor

Amplia selección de calzado asequible

A partir del cuarto trimestre de 2023, Shoe Carnival ofreció aproximadamente 3.500 estilos de zapatos diferentes en 266 tiendas minoristas. Rango de precios promedio: $ 29.99 a $ 89.99.

Categoría de productos	Precio medio	Volumen de ventas anual
Calzado atlético	$49.99	1.2 millones de pares
Zapatos casuales	$39.99	900,000 pares
Zapatos de vestir	$59.99	450,000 pares

Estrategias de precios competitivos

2023 Los datos financieros revelaron estrategias de precios dirigidas a 15-20% más bajas que los principales competidores.

• Margen bruto promedio: 38.7%
• Porcentaje de marcado: 22.3%
• Rango de descuento promocional: 25-40%

Experiencia de compra familiar

Shoe Carnival opera 266 tiendas en 33 estados con un tamaño de tienda promedio de 6,500 pies cuadrados.

Diversos estilos de calzado para múltiples datos demográficos

Grupo de edad	Cobertura de la línea de productos	Porcentaje de ventas
Niños	0-12 años	28%
Edad de adolescencia	13-19 años	22%
Adulto	20-55 años	42%
Sénior	55+ años	8%

Opciones de compra convenientes en la tienda y en línea

2023 Ventas de comercio electrónico: $ 184.3 millones, que representa el 19.6% de los ingresos totales.

• Tasa de conversión en línea: 3.2%
• Tráfico del sitio web móvil: 62%
• Valor promedio de pedido en línea: $ 87.50

Shoe Carnival, Inc. (SCVL) - Modelo de negocios: relaciones con los clientes

Membresía del programa de fidelización

Shoe Carnival opera el Programa de recompensas de ventajas de zapatos Con las siguientes métricas:

Métrico de programa	Valor
Miembros del programa de fidelización total	3.2 millones de miembros activos
Tasa de compra anual repetida	42.5%
Gasto promedio de miembros de lealtad	$ 187 por año

Marketing por correo electrónico personalizado

Datos de rendimiento de marketing por correo electrónico:

Métrica de marketing por correo electrónico	Valor
Base de suscriptores de correo electrónico	2.8 millones de suscriptores
Tarifa de apertura	23.6%
Tasa de clics	8.2%

Compromiso de las redes sociales

Métricas de plataforma de redes sociales:

• Seguidores de Facebook: 425,000
• Seguidores de Instagram: 312,000
• Tasa promedio de compromiso de las redes sociales: 3.7%

Servicio al cliente en la tienda

Indicadores de rendimiento del servicio al cliente:

Métrico de servicio	Valor
Ubicaciones totales de tiendas físicas	273 tiendas
Personal promedio de la tienda por ubicación	12-15 empleados
Puntuación de satisfacción del cliente	4.3/5

Soporte de compras digitales y físicas

Métricas de soporte omnicanal:

• Tráfico del sitio web en línea: 8.6 millones de visitantes mensuales
• Descargas de aplicaciones móviles: 1.2 millones
• Tasa de conversión en línea: 3.9%
• Compre en línea, recoge tarifa en la tienda: 17.5%

Shoe Carnival, Inc. (SCVL) - Modelo de negocio: canales

Tiendas minoristas físicas

A partir de 2023, Shoe Carnival operaba 378 tiendas minoristas en 33 estados en los Estados Unidos. Los pies cuadrados totales totales fueron de aproximadamente 2,850,000 pies cuadrados.

Métrica de almacenamiento	2023 datos
Total de las tiendas	378
Estados cubiertos	33
Total de metros cuadrados de cuadras minoristas	2,850,000

Sitio web oficial de comercio electrónico

Plataforma de comercio electrónico de Shoe Carnival generada $ 188.3 millones En las ventas en línea durante el año fiscal 2023, que representa el 15.2% de los ingresos totales de la compañía.

Aplicación de compras móviles

• Aplicación móvil disponible en plataformas iOS y Android
• Las características incluyen el seguimiento de inventario en tiempo real
• Opciones de pago móvil integradas

Mercados de terceros en línea

Mercado	Contribución de ventas
Amazonas	3.7% de las ventas digitales
Walmart.com	2.1% de las ventas digitales

Comunicaciones de marketing directo

Shoe Carnival mantuvo una base de datos de clientes de aproximadamente 12.4 millones de suscriptores de correo electrónico en 2023, con una tasa de apertura de correo electrónico promedio de 22.6%.

Métrico de canal de marketing	2023 datos
Suscriptores de correo electrónico	12,400,000
Tarifa de apertura de correo electrónico	22.6%

Shoe Carnival, Inc. (SCVL) - Modelo de negocio: segmentos de clientes

Compradores familiares

El carnaval de zapatos se dirige a compradores familiares con un ingreso familiar promedio de $ 65,000. El minorista ofrece rangos de gran tamaño y estrategias de precios familiares.

Demográfico del cliente	Porcentaje de la base total de clientes	Gasto promedio por visita
Unidades familiares	42%	$124.50

Consumidores conscientes del presupuesto

Shoe Carnival se centra en clientes sensibles a los precios con ofertas estratégicas de descuento.

• Rango de descuento promedio: 30-50% de descuento en los precios minoristas
• La sección de autorización representa el 18% de los ingresos totales de la tienda
• Edad media del cliente: 35-44 años

Individuos orientados a la moda

El minorista atiende a consumidores conscientes de tendencias con selecciones de calzado contemporáneas.

Segmento de moda	Cuota de mercado	Precio promedio
Calzado de moda	22%	$79.99

Mercado de niños y jóvenes

Shoe Carnival mantiene un fuerte enfoque en los segmentos de calzado infantil y juvenil.

• El calzado infantil representa el 35% de las ventas totales
• Tasa de crecimiento del segmento de calzado juvenil: 7.2% anual
• Precio promedio del zapato para niños: $ 34.50

Entusiastas del calzado atlético y casual

El minorista ofrece opciones integrales de calzado atlético y casual.

Categoría de calzado	Porcentaje de ventas	Gasto promedio del cliente
Calzado atlético	28%	$89.99
Calzado casual	32%	$59.99

Shoe Carnival, Inc. (SCVL) - Modelo de negocio: Estructura de costos

Operaciones de almacenamiento y alquiler

A partir del año fiscal 2023, Shoe Carnival operaba 370 tiendas en 35 estados. Los gastos de ocupación total fueron de $ 93.1 millones para el año, con un alquiler anual promedio por tienda de aproximadamente $ 251,351.

Categoría de gastos	Monto ($)
Gastos de ocupación total	93,100,000
Alquiler anual promedio por tienda	251,351

Adquisición de inventario

En 2023, el costo total de mercancías de Shoe Carnival fue de $ 634.2 millones. La compañía mantuvo una estrategia de abastecimiento de inventario diversa con múltiples proveedores.

• Porcentaje de costo de mercancía: 55.4% de los ingresos totales
• Relación de rotación de inventario: 3.2 veces al año

Salario de empleados

Los gastos laborales totales para el carnaval de zapatos en el año fiscal 2023 fueron de $ 225.6 millones, que cubren aproximadamente 5,200 empleados.

Categoría de gastos laborales	Monto ($)
Gastos laborales totales	225,600,000
Salario anual promedio por empleado	43,385

Gastos de marketing y publicidad

Los gastos de marketing para el carnaval de zapatos en 2023 totalizaron $ 42.3 millones, lo que representa el 3.7% de los ingresos totales.

• Marketing digital: $ 18.5 millones
• Publicidad tradicional: $ 23.8 millones

Mantenimiento de tecnología e infraestructura

Las inversiones de tecnología e infraestructura para el carnaval de zapatos en 2023 ascendieron a $ 37.8 millones.

Categoría de gastos tecnológicos	Monto ($)
Desarrollo de la plataforma de comercio electrónico	15,200,000
TI Mantenimiento de infraestructura	22,600,000

Shoe Carnival, Inc. (SCVL) - Modelo de negocio: flujos de ingresos

Venta de calzado en la tienda

Para el año fiscal 2023, Shoe Carnival reportó ventas netas totales de $ 1.18 mil millones, con ventas de tiendas físicas que representan una parte significativa de estos ingresos.

Tipo de tienda	Número de tiendas	Ventas promedio por tienda
Ubicaciones minoristas de carnaval de zapatos	385	$ 3.07 millones

Transacciones minoristas en línea

Las ventas de comercio electrónico para el carnaval de calzado en el año fiscal 2023 representaron aproximadamente el 15.5% de las ventas netas totales, que representan $ 183 millones en ingresos en línea.

Activación y promociones estacionales

• Los eventos de venta estacionales generaron aproximadamente $ 157 millones en ingresos
• Las ventas de autorización contribuyeron aproximadamente al 22% de los ingresos totales de la tienda

Venta de productos de etiqueta privada

Las marcas de etiquetas privadas generaron $ 92.4 millones en ingresos, lo que representa el 7.8% de las ventas netas totales para el año fiscal 2023.

Programa de fidelización y ingresos por membresía

Métrica del programa de fidelización	Valor
Miembros del programa de fidelización total	4.2 millones
Ingresos del programa de fidelización	$ 46.5 millones

Shoe Carnival, Inc. (SCVL) - Canvas Business Model: Value Propositions

Shoe Station: Curated, premium brand assortment with elevated service

Shoe Station is positioned to capture the higher-income customer segment. This banner achieved net sales growth of 5.3 percent in the third quarter of fiscal 2025, compared to the Shoe Carnival banner's decline of 5.2 percent in the same period. Shoe Station product margins expanded by 260 basis points in Q3 2025, reflecting the favorable mix shift toward merchandise preferred by its customers. The company is accelerating this banner, projecting it to represent 120 stores, or 28 percent of the total fleet, by the end of fiscal 2025, up from 42 stores at the start of the year. The long-term goal is for Shoe Station to represent well over 90 percent of the fleet before the end of Fiscal 2028.

The value proposition is supported by clear performance metrics:

• Shoe Station comparable store sales showed a mid-single digit increase in Q3 2025.
• Shoe Station delivered 8 percent comparable sales growth year-to-date August 2025.
• The banner is expected to unlock an estimated $20 million in annual cost savings over time.

Legacy Shoe Carnival: Value-driven, promotional shopping experience for the family

The legacy Shoe Carnival banner serves the price-sensitive family footwear market. In the third quarter of fiscal 2025, Shoe Carnival net sales declined by 5.2 percent, with comparable store sales down mid-single digits. This banner's performance contrasts with the Shoe Station banner, which is growing. The overall company gross profit margin for Q3 2025 was 37.6 percent, expanding 160 basis points compared to the prior year, showing the impact of the mix shift away from the value-focused banner.

The core customer engagement for the value segment is driven by the loyalty program:

Metric	Amount/Percentage
Shoe Perks Loyalty Members	Over 26.3 million
Loyalty Member Share of Comp Net Sales	Roughly 67 percent
Full Year Fiscal 2025 Net Sales Guidance (Midpoint)	$1.135 billion

Broad selection of dress, casual, and athletic footwear

Shoe Carnival, Inc. offers a broad assortment across key footwear categories for men, women, and children. The company's total net sales guidance for the full fiscal year 2025 is between $1.12 billion and $1.15 billion. The company is maintaining inventory levels strategically; inventory increased 5 percent versus the prior year as of the end of the second quarter 2025 to ensure availability on key items during peak selling periods.

Convenience of multi-channel shopping (in-store and online)

The convenience proposition is delivered through a physical footprint and digital presence. As of August 2, 2025, the company operated 428 stores across 35 states and Puerto Rico under its various store fronts. The online channel, primarily shoecarnival.com, generated annual revenues of $361 million in 2024. For November 2025, revenues on the domain were reported at $33 million.

The multi-channel strategy includes:

• Total store fleet size as of Q3 2025: 428 stores.
• Projected working capital reduction from simplification: $100 million.
• Rebanner investment for fiscal 2025 capital expenditures: $30 to $35 million.

Finance: draft 13-week cash view by Friday.

Shoe Carnival, Inc. (SCVL) - Canvas Business Model: Customer Relationships

You're looking at how Shoe Carnival, Inc. manages its connection with customers right now, late in 2025. The relationship strategy is clearly bifurcated, heavily favoring the higher-income customer base found in the Shoe Station banner over the legacy Shoe Carnival banner.

Loyalty program for repeat purchases and data capture

The Shoe Perks loyalty program remains a core mechanism for data capture and driving repeat business, though the focus is shifting as the banner consolidation progresses. The program has seen significant scale in the past, with one year showing active buyers increasing by 138% and the email file growing by more than 270%. Members of Shoe Perks typically spend nearly 30% more than non-members. As of the end of the third quarter of Fiscal 2025, the Company had 428 stores in operation, and the success of these loyalty efforts directly informs the targeted marketing for the remaining Shoe Carnival banner locations.

Self-service model in legacy stores with in-store promotions

The traditional Shoe Carnival banner stores represent the self-service model, which is currently experiencing significant customer pressure. In the third quarter of Fiscal 2025, Shoe Carnival net sales declined 5.2%, with comparable store sales down a mid-single digit percentage. This banner's performance highlights continued pressure on lower-income consumers, those earning under $40,000 annually. The in-store promotion model, historically featuring the carnival wheel discount, is still present but is being de-emphasized as the company pivots its capital and focus. The performance gap between the two banners in Q3 2025 was more than 10.5 percentage points.

Elevated, service-focused experience in Shoe Station locations

The Shoe Station locations embody the elevated, service-focused experience, targeting a higher-income customer. This banner is the engine of current growth and margin improvement. For the third quarter of Fiscal 2025, Shoe Station net sales grew 5.3%, and its product margins expanded by 260 basis points. Through year-to-date August of Fiscal 2025, the Shoe Station rebanner strategy delivered 8% comparable sales growth. This success is attributed to a favorable mix shift toward merchandise preferred by Shoe Station's higher-income customers. The company has a clear goal to have well over 90% of its fleet operating as Shoe Station before the end of Fiscal 2028.

The divergent performance between the two banners dictates the customer relationship strategy moving forward:

Metric	Shoe Station Banner (Higher-Income Focus)	Shoe Carnival Banner (Legacy/Lower-Income Focus)
Q3 2025 Net Sales Growth	5.3%	Declined 5.2%
Q3 2025 Product Margin Change	Expanded 260 basis points	Implied lower margin/pressure
Total Stores (as of Q3 2025)	144 locations	284 locations
Inventory Investment Reduction Goal	Requires 20 to 25% less inventory per store	Represents the higher inventory model being phased out

Digital-first marketing to optimize ad spend and retention

The marketing approach is increasingly digital-first to optimize ad spend, which is intrinsically linked to the Shoe Perks loyalty base. The company uses platforms like Salesforce Customer 360 for Retail to personalize marketing across all channels. This includes driving engagement through digital promotions, such as a 'spin the virtual wheel' experience via SMS short code, which then drives traffic both online and back in-store. Confirmation emails now feature AI-powered, personalized recommendations based on the shopper's profile. The overall strategy is to use digital tools to enhance the seamless multi-channel experience, which is critical for retaining the high-value loyalty members.

• Rebanner investments in Fiscal 2025 were estimated to impact EPS by approximately $0.58 year-to-date Q3 2025.
• The company expects to free up $100 million in working capital through inventory reduction over the next two years as Shoe Station becomes dominant.
• The company completed 101 store rebanners to Shoe Station during Fiscal 2025 through the third quarter.
• The goal is for 51% of the fleet to operate as Shoe Station by the Back-to-School season in 2026.

Finance: draft inventory reduction impact analysis on Q4 margin by next Tuesday.

Shoe Carnival, Inc. (SCVL) - Canvas Business Model: Channels

You're looking at how Shoe Carnival, Inc. gets its product to the customer, and right now, it's a story of physical footprint consolidation driving digital presence.

The primary channel remains the physical retail store network. As of November 20, 2025, Shoe Carnival, Inc. operated a total of 428 stores across 35 states and Puerto Rico. This network is actively being streamlined under the Shoe Station banner, which represented 144 stores as of that date. This means the legacy/other banners, primarily Shoe Carnival and the recently integrated Rogan's Shoes, account for the remaining 284 stores. The company is aggressively moving toward a majority Shoe Station fleet, expecting well over 90 percent of its fleet to operate under that banner before the end of Fiscal 2028.

The digital channel is critical, supporting the physical stores and capturing direct-to-consumer sales through two main e-commerce platforms:

• shoecarnival.com
• shoestation.com

The third quarter of Fiscal 2025 saw net sales of $297.2 million reported from these channels and stores combined. For the full Fiscal 2025 year, the company reconfirmed its revenue guidance at the midpoint of $1.14 billion.

The mobile presence is tied directly to customer relationship management. The company supports its loyalty program and promotions through a dedicated mobile app, which helps drive traffic to both the physical and digital touchpoints.

Supporting this entire 428-store network is the logistics backbone. Shoe Carnival, Inc. maintains significant distribution and support operations located in Evansville, IN. The company completed the integration of its 28-store Rogan's acquisition into the Shoe Station banner in October 2025, with results reported under Shoe Station starting in Q4 FY25.

Here's a snapshot of the store fleet composition as of late November 2025, reflecting the ongoing transformation:

Channel Component	Specific Count/Metric (as of Nov 2025)	Context/Detail
Total Physical Stores	428	Total operating stores in 35 states and Puerto Rico
Shoe Station Stores	144	Represents 34 percent of the total fleet as of November 20, 2025
Legacy/Other Stores	284	Implied count: Total Stores (428) minus Shoe Station Stores (144)
E-commerce Sites	2	shoecarnival.com and shoestation.com
Q3 FY2025 Net Sales (Total)	$297.2 million	Combined sales from stores and e-commerce
Distribution Hub Location	Evansville, IN	Location for distribution and support operations

The capital expenditure for the year-to-date period totaled $38.3 million, which was primarily supporting these rebannered stores.

Shoe Carnival, Inc. (SCVL) - Canvas Business Model: Customer Segments

You're looking at the customer base as Shoe Carnival, Inc. actively pivots its fleet structure. The data from the third quarter of fiscal year 2025, ending November 1, 2025, shows a clear divergence in performance between the legacy and growth banners, which directly reflects the segments they are targeting.

Higher-income consumers (median HHI $60,000-$100,000) seeking premium brands

The Shoe Station banner is clearly winning with this group. Shoe Station's core customer base has a median household income (HHI) in the range of $60,000-$100,000. Shoe Station net sales grew 5.3% in the third quarter of fiscal 2025. This segment's preference for premium products is driving a merchandise margin improvement of 190 basis points across the company, largely due to a favorable mix shift toward these shoppers. The product margin expansion specifically for the Shoe Station banner was 260 basis points in Q3 2025.

Traditional, lower-income, price-sensitive family footwear shoppers

This segment is tied to the traditional Shoe Carnival banner, and the economic pressure is evident in the results. The Shoe Carnival banner saw its net sales decline by 5.2% in the third quarter of fiscal 2025. Comparable store sales for the Shoe Carnival banner were down mid-single digits during that same period. The company is intentionally moving away from chasing traffic from this segment to maintain pricing discipline.

The shift is stark when you compare the banners' recent performance. Here's the quick math on the banner split as of the third quarter of fiscal 2025:

Banner Segment	Q3 2025 Net Sales Change (vs. prior year)	Comparable Sales Change (Q3 2025)	Store Count (as of Nov 20, 2025)
Shoe Station (Targeting Higher-Income)	5.3% Growth	Mid-single digit Increase	144 stores (34% of fleet)
Shoe Carnival (Targeting Lower-Income)	5.2% Decline	Mid-single digit Decline	313 stores (as of May 3, 2025)

Customers seeking athletic, casual, and work footwear (Rogan's integration)

The acquisition of Rogan's Shoes, which was for $45 million in cash, is being fully integrated into the Shoe Station banner. Rogan's generated over $21 million in net sales in the third quarter of fiscal 2025, which was in line with integration plans. This integration is designed to capture customers seeking work and family footwear, as Rogan's established a clear market leadership position in Wisconsin for that assortment. The Shoe Station banner, which now includes Rogan's as of October 2025, saw low-twenties growth in the adult athletics category during August 2025. The company expects to surpass 215 Shoe Station stores by Back-to-School 2026, which will represent 51% of the fleet.

Back-to-School shoppers, a critical seasonal segment

This period is vital, driving approximately 25% of Shoe Carnival, Inc.'s annual profits. The company achieved positive comparable store sales and margin expansion across all banners during the August 2025 Back-to-School period. This success accelerated the overall transformation timeline. The company's total store portfolio stood at 428 locations as of November 20, 2025. The strategic goal is to have more than 90% of stores operating under the Shoe Station brand before the end of fiscal year 2028.

The key customer groups and their recent performance metrics include:

• The Shoe Station banner delivered 8% comparable sales growth year-to-date August 2025.
• The company is targeting 145 Shoe Station locations by the end of fiscal 2025.
• The Q2 2024 Back-to-School season drove net sales to $332.7 million.
• The company expects to exceed 500 total stores by 2028.

Shoe Carnival, Inc. (SCVL) - Canvas Business Model: Cost Structure

The Cost Structure for Shoe Carnival, Inc. centers heavily on inventory acquisition and the operational costs associated with its physical retail footprint, which is actively being transformed.

The company operated a fleet of 428 stores as of September 4, 2025, spanning Shoe Carnival, Shoe Station, and Rogan\'s banners.

Cost of Goods Sold (COGS) for inventory procurement is reflected in the Gross Profit Margin. The reaffirmed Fiscal 2025 outlook projected a Gross Profit Margin between 35 percent to 36 percent. For the third quarter of Fiscal 2025, the reported Gross Profit Margin was 37.6 percent.

Store operating expenses (rent, utilities, payroll) for 428 stores are captured within the broader Selling, General, and Administrative expenses, as specific breakdowns for rent, utilities, and payroll are not explicitly itemized separately from the total SG&A guidance.

The Fiscal 2025 outlook for Selling, General, and Administrative (SG&A) expenses was projected to be between $350 million to $360 million. As a point of comparison, SG&A in the fourth quarter of Fiscal 2024 was $77.6 million.

The aggressive Shoe Station strategic rebanner investment costs are a significant near-term cost factor. The first-year investment for rebanner strategy is forecasted to decrease Fiscal 2025 operating income by a range of $20 to $25 million. Through the end of the August fiscal month, the total investment year-to-date was $24.4 million.

Here's a look at the key financial figures impacting the Cost Structure for Fiscal 2025:

Cost Component	Financial Metric/Outlook	Value/Range
Total Store Count (Late 2025)	Number of Stores Operated	428
SG&A Expense	Fiscal 2025 Outlook	$350 million to $360 million
Rebanner Investment Impact	Forecasted Decrease in FY 2025 Operating Income	$20 million to $25 million
Rebanner Investment Year-to-Date	Investment through August Fiscal Month End	$24.4 million
Gross Profit Margin	FY 2025 Outlook Range	35 percent to 36 percent
Gross Profit Margin	Reported Q3 Fiscal 2025	37.6 percent

The rebanner investment costs include amortization of new store construction costs, store closing costs, customer acquisition costs, and sales reductions during the four-to-six-week closure period for each conversion.

Shoe Carnival, Inc. (SCVL) - Canvas Business Model: Revenue Streams

The revenue streams for Shoe Carnival, Inc. are primarily driven by the sale of footwear and accessories across its physical store fleet and digital channels, with a strategic shift favoring the higher-margin Shoe Station banner.

Net Sales from in-store purchases of footwear and accessories are best understood through the performance of the operating banners as of the third quarter of Fiscal 2025. The Shoe Station banner showed strength, with net sales growing 5.3 percent in the third quarter of 2025, inclusive of a mid-single digit comparable store increase. In contrast, the legacy Shoe Carnival banner net sales declined 5.2 percent, with comparable store sales down mid-single digits in the same period. The recently integrated Rogan's generated more than $21 million in net sales for the third quarter of 2025. For the nine months ended November 01, 2025, total company net sales reached $881.26 million. The overall comparable store sales for the company declined 2.7 percent in Q3 2025.

E-commerce sales via company websites represent a distinct revenue stream. For the full year 2024, sales on shoecarnival.com amounted to $361 million. The projection for the largest online store in 2025 indicated a change of <0% compared to 2024. In November 2025, revenues on shoecarnival.com were estimated at $33 million.

The Full-year 2025 Net Sales forecast was updated following Q2 results to be in a range of $1.12 billion to $1.15 billion. This compares to an earlier forecast range of $1.15 billion to $1.23 billion. The midpoint of the reaffirmed guidance is $1.14 billion.

Higher average ticket prices and accretive margins from Shoe Station sales are a key driver of profitability within the revenue structure. In the third quarter of 2025, Shoe Station product margins expanded 260 basis points. This favorable mix shift toward Shoe Station customers contributed to an overall merchandise margin improvement of 190 basis points for the company, even as the overall gross profit margin stood at 37.6 percent, expanding 160 basis points year-over-year. The company is accelerating the rebanner strategy, aiming for well over 90 percent of the fleet to operate as Shoe Station before the end of Fiscal 2028.

Here's a quick look at key Q3 2025 financial metrics related to revenue quality:

Metric	Value (Q3 2025)	Year-over-Year Change
Total Net Sales	$297.2 million	Down 3.2 percent
Gross Profit Margin	37.6 percent	Expanded 160 basis points
Shoe Station Net Sales Growth	5.3 percent	Growth
Shoe Station Product Margin Expansion	260 basis points	Expansion

The strategic focus is clear, as shown by the banner performance:

• Shoe Station net sales grew 5.3 percent in Q3 2025.
• Shoe Carnival net sales declined 5.2 percent in Q3 2025.
• Merchandise margin improved 190 basis points overall.
• Shoe Station comparable store sales saw a mid-single digit increase.