Shoe Carnival, Inc. (SCVL): Business Model Canvas [Jan-2025 Mis à jour]

Entrez dans le monde de Shoe Carnival, Inc. (SCVL), où les chaussures abordables répondent à l'innovation commerciale stratégique. Cette centrale commerciale a magistralement conçu un modèle commercial qui transforme les achats de chaussures d'une tâche banale à une expérience passionnante familiale. En mélangeant des canaux de vente au détail physiques et numériques, en tirant parti des partenariats stratégiques et en offrant une gamme diversifiée de chaussures, Shoe Carnival s'est positionné comme un acteur dynamique dans le paysage de la vente au détail compétitif. Plongez plus profondément pour démêler la toile du modèle commercial complexe qui entraîne le succès de ce détaillant de chaussures et découvrez comment ils ont taillé un créneau unique sur le marché des chaussures.

Shoe Carnival, Inc. (SCVL) - Modèle commercial: partenariats clés

Fabricants de chaussures et fournisseurs

En 2023, Shoe Carnival a provoqué des chaussures de plusieurs fabricants, avec des partenariats clés, notamment:

Fabricant	Volume de l'offre annuelle	Catégories de produits
Nike, Inc.	1,2 million de paires	Chaussures athlétiques et décontractées
Skechers USA	850 000 paires	Chaussures de confort et de style de vie
Groupe adidas	750 000 paires	Performance et chaussures athlétiques

Designers et marques de chaussures de marque

Shoe Carnival maintient des partenariats stratégiques avec plusieurs marques:

• Nouveau équilibre
• Converser
• Steve Madden
• Camionnettes
• Puma

Partenaires de logistique et de distribution

Le réseau de distribution comprend:

Partenaire	Services fournis	Volume annuel d'expédition
Logistique UPS	Distribution à l'échelle nationale	4,5 millions de packages
Chaîne d'approvisionnement FedEx	Gestion des entrepôts	3,2 millions d'unités

Plateformes technologiques de commerce électronique

Détails du partenariat numérique:

• Shopify Plus: plateforme de commerce électronique primaire
• Google Cloud: Cloud Infrastructure
• Salesforce Commerce Cloud: Gestion de l'expérience client

Sociétés de traitement de carte de crédit et de paiement

Partenaire de paiement	Volume de transaction	Valeur de traitement annuelle
Visa	6,3 millions de transactions	412 millions de dollars
MasterCard	4,7 millions de transactions	298 millions de dollars
Paypal	1,2 million de transactions en ligne	87 millions de dollars

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: Activités clés

Ventes de chaussures au détail dans les magasins physiques

Au quatrième trimestre 2023, Shoe Carnival a exploité 378 magasins de détail physiques dans 33 États aux États-Unis.

Métrique du magasin	Nombre
Magasins physiques totaux	378
États couverts	33
Taille moyenne du magasin	6 500 pieds carrés.

Vente au détail en ligne et omnicanal

En 2023, la plate-forme de commerce électronique de Shoe Carnival a généré 214,3 millions de dollars de revenus, ce qui représente 22,4% du total des ventes d'entreprises.

• Plateforme de commerce électronique lancé en 2015
• Application mobile disponible pour iOS et Android
• Livraison gratuite sur les commandes de plus de 75 $

Gestion des stocks et achat

Métrique des stocks	Valeur
Valeur d'inventaire totale (2023)	268,4 millions de dollars
Ratio de rotation des stocks	2.7x
Compte de SKU moyen	12 500 produits uniques

Campagnes marketing et promotionnelles

Les dépenses de marketing pour 2023 étaient de 47,6 millions de dollars, ce qui représente 5,2% des revenus totaux.

• Canaux de marketing numérique
• Publicité sur les réseaux sociaux
• Envoyer des campagnes de marketing par e-mail
• Programme de fidélité avec 2,3 millions de membres

Service client et gestion de l'expérience

Les opérations de service à la clientèle comprennent les canaux de support en magasin et en ligne.

Métrique du service client	Performance
Taux de satisfaction client	87.5%
Temps de réponse moyen	24 heures
Taux de retour	6.2%

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: Ressources clés

Réseau de magasins de détail étendus

Au quatrième trimestre 2023, Shoe Carnival a exploité 378 magasins de détail dans 33 États aux États-Unis. Total de vente au détail en pieds carrés: 3191 000 pieds carrés.

Métrique du magasin	2023 données
Total des magasins	378
États couverts	33
Total de vente au détail en pieds carrés	3 191 000 pieds carrés

De fortes relations de marque

Les partenariats de marque clés comprennent:

• Nike
• Adidas
• Skechers
• Converser
• Nouveau équilibre

Infrastructure de commerce électronique robuste

Revenus de vente en ligne pour 2023: 252,1 millions de dollars, représentant 21,4% du total des revenus de l'entreprise.

Métrique du commerce électronique	Valeur 2023
Revenus de vente en ligne	252,1 millions de dollars
Pourcentage du total des revenus	21.4%

Équipe de gestion de la vente au détail expérimentée

Time moyen de l'équipe de leadership: 12,5 ans dans l'industrie des chaussures au détail.

Systèmes de suivi des stocks sophistiqués

Valeur des stocks au 31 décembre 2023: 356,4 millions de dollars. Couverture de suivi en temps réel: 98,7% de l'inventaire des magasins.

Métrique des stocks	2023 données
Valeur d'inventaire total	356,4 millions de dollars
Couverture de suivi en temps réel	98.7%

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: propositions de valeur

Large sélection de chaussures abordables

Au quatrième trimestre 2023, Shoe Carnival offrait environ 3 500 styles de chaussures différents dans 266 magasins de détail. Gamme de prix moyenne: 29,99 $ à 89,99 $.

Catégorie de produits	Prix ​​moyen	Volume des ventes annuelles
Chaussures athlétiques	$49.99	1,2 million de paires
Chaussures décontractées	$39.99	900 000 paires
Chaussures habillées	$59.99	450 000 paires

Stratégies de tarification compétitives

2023 Les données financières ont révélé des stratégies de tarification ciblant 15 à 20% de moins que les principaux concurrents.

• Marge brute moyenne: 38,7%
• Pourcentage de marque: 22,3%
• Gamme de réduction promotionnelle: 25-40%

Expérience d'achat familiale

Shoe Carnival exploite 266 magasins dans 33 États avec une taille moyenne de magasin de 6 500 pieds carrés.

Divers styles de chaussures pour plusieurs données démographiques

Groupe d'âge	Couverture de la gamme de produits	Pourcentage de ventes
Enfants	0-12 ans	28%
Les adolescents	13-19 ans	22%
Adultes	20-55 ans	42%
Senior	Plus de 55 ans	8%

Options d'achat pratiques en magasin et en ligne

2023 Ventes de commerce électronique: 184,3 millions de dollars, représentant 19,6% des revenus totaux.

• Taux de conversion en ligne: 3,2%
• Trafic de site Web mobile: 62%
• Valeur de commande en ligne moyenne: 87,50 $

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: relations avec les clients

Adhésion au programme de fidélité

Shoe Carnival exploite le Programme de récompenses sur les avantages avec les mesures suivantes:

Métrique du programme	Valeur
Membres du programme de fidélité totale	3,2 millions de membres actifs
Taux d'achat répété annuel	42.5%
Dépenses moyennes des membres de la fidélité	187 $ par an

Marketing par e-mail personnalisé

Données de performance du marketing par e-mail:

Email Marketing Metric	Valeur
Courriel Base d'abonné	2,8 millions d'abonnés
Taux d'ouverture	23.6%
Taux de clics	8.2%

Engagement des médias sociaux

Métriques de la plate-forme de médias sociaux:

• Fonds Facebook: 425 000
• Followers Instagram: 312 000
• Taux d'engagement moyen des médias sociaux: 3,7%

Service client en magasin

Indicateurs de performance du service client:

Métrique de service	Valeur
Emplacements totaux de magasin physique	273 magasins
Personnel du magasin moyen par emplacement	12-15 employés
Score de satisfaction du client	4.3/5

Support d'achat numérique et physique

Métriques de support omnicanal:

• Trafic de site Web en ligne: 8,6 millions de visiteurs mensuels
• Téléchargements d'applications mobiles: 1,2 million
• Taux de conversion en ligne: 3,9%
• Acheter en ligne, récupérer le taux en magasin: 17,5%

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: canaux

Magasins de vente au détail physique

En 2023, Shoe Carnival a exploité 378 magasins de détail dans 33 États aux États-Unis. Le total en pieds carrés de vente au détail était d'environ 2 850 000 pieds carrés.

Métrique du magasin	2023 données
Total des magasins	378
États couverts	33
Total de vente au détail en pieds carrés	2,850,000

Site Web de commerce électronique officiel

La plate-forme de commerce électronique de Shoe Carnival générée 188,3 millions de dollars dans les ventes en ligne au cours de l'exercice 2023, représentant 15,2% du total des revenus de l'entreprise.

Application de magasinage mobile

• Application mobile disponible sur les plateformes iOS et Android
• Les fonctionnalités incluent le suivi des stocks en temps réel
• Options de paiement mobile intégrées

Places de marché en ligne tierces

Marché	Contribution des ventes
Amazone	3,7% des ventes numériques
Walmart.com	2,1% des ventes numériques

Communications marketing directes

Shoe Carnival a maintenu une base de données client d'environ 12,4 millions d'abonnés par e-mail en 2023, avec un taux d'ouverture de courrier électronique moyen de 22,6%.

Métrique du canal de marketing	2023 données
Abondres par e-mail	12,400,000
Taux d'ouverture par e-mail	22.6%

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: segments de clientèle

Acheteurs familiaux

Shoe Carnival cible les acheteurs familiaux avec un revenu moyen des ménages de 65 000 $. Le détaillant propose des gammes de tailles larges et des stratégies de tarification familiales.

Client démographique	Pourcentage de la clientèle totale	Dépenses moyennes par visite
Unités familiales	42%	$124.50

Consommateurs soucieux du budget

Shoe Carnival se concentre sur les clients sensibles aux prix avec des offres de rabais stratégiques.

• Réduction moyenne: 30 à 50% de réduction sur les prix de détail
• La section de dégagement représente 18% des revenus totaux des magasins
• Âge du client médian: 35 à 44 ans

Individus orientés vers la mode

Le détaillant sert des consommateurs soucieux de la tendance avec des sélections de chaussures contemporaines.

Segment de la mode	Part de marché	Prix ​​moyen
Chaussures à la mode	22%	$79.99

Marché des enfants et des jeunes

Shoe Carnival maintient un fort accent sur les segments de chaussures pour enfants et jeunes.

• Les chaussures pour enfants représentent 35% du total des ventes
• Taux de croissance du segment des chaussures pour les jeunes: 7,2% par an
• Prix ​​moyen des chaussures pour enfants: 34,50 $

Antactifs de chaussures athlétiques et décontractés

Le détaillant offre des options de chaussures sportives et décontractées complètes.

Catégorie de chaussures	Pourcentage de ventes	Dépenses moyennes du client
Chaussures athlétiques	28%	$89.99
Chaussures décontractées	32%	$59.99

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: Structure des coûts

Opérations de magasin et loyer

Depuis l'exercice 2023, Shoe Carnival a exploité 370 magasins dans 35 États. Les dépenses totales d'occupation étaient de 93,1 millions de dollars pour l'année, avec un loyer annuel moyen par magasin d'environ 251 351.

Catégorie de dépenses	Montant ($)
Dépenses d'occupation totale	93,100,000
Loyer annuel moyen par magasin	251,351

Marchandage des stocks

En 2023, le coût total des marchandises de Shoe Carnival était de 634,2 millions de dollars. L'entreprise a maintenu une stratégie de source d'inventaire diversifiée avec plusieurs fournisseurs.

• Pourcentage de coût des marchandises: 55,4% du chiffre d'affaires total
• Ratio de roulement des stocks: 3,2 fois par an

Salaire des employés

Les dépenses totales de main-d'œuvre pour le carnaval des chaussures au cours de l'exercice 2023 étaient de 225,6 millions de dollars, couvrant environ 5 200 employés.

Catégorie de dépenses de main-d'œuvre	Montant ($)
Total des dépenses de main-d'œuvre	225,600,000
Salaire annuel moyen par employé	43,385

Dépenses de marketing et de publicité

Les dépenses de marketing pour le carnaval des chaussures en 2023 ont totalisé 42,3 millions de dollars, ce qui représente 3,7% des revenus totaux.

• Marketing numérique: 18,5 millions de dollars
• Publicité traditionnelle: 23,8 millions de dollars

Maintenance de technologie et d'infrastructure

Les investissements technologiques et d'infrastructures pour le carnaval des chaussures en 2023 s'élevaient à 37,8 millions de dollars.

Catégorie de dépenses technologiques	Montant ($)
Développement de la plate-forme de commerce électronique	15,200,000
Maintenance d'infrastructure informatique	22,600,000

Shoe Carnival, Inc. (SCVL) - Modèle d'entreprise: Strots de revenus

Ventes de chaussures en magasin

Pour l'exercice 2023, Shoe Carnival a déclaré des ventes nettes totales de 1,18 milliard de dollars, les ventes de magasins physiques représentant une partie importante de ces revenus.

Type de magasin	Nombre de magasins	Ventes moyennes par magasin
Emplacements de vente au détail de carnaval à chaussures	385	3,07 millions de dollars

Transactions de vente au détail en ligne

Les ventes de commerce électronique pour le carnaval de chaussures au cours de l'exercice 2023 représentaient environ 15,5% du total des ventes nettes, ce qui représente 183 millions de dollars de revenus en ligne.

Autorisation et promotions saisonnières

• Les événements de vente saisonniers ont généré environ 157 millions de dollars de revenus
• Les ventes de dédouanement ont contribué environ 22% du total des revenus des magasins

Ventes de produits de marque privée

Les marques de marques privées ont généré 92,4 millions de dollars de revenus, ce qui représente 7,8% du total des ventes nettes pour l'exercice 2023.

Programme de fidélité et revenus des membres

Métrique du programme de fidélité	Valeur
Membres du programme de fidélité totale	4,2 millions
Revenus du programme de fidélité	46,5 millions de dollars

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.