Here are 1-3 brief analogies for Shoe Carnival (SCVL):

• TJ Maxx for shoes

• Ross for shoes

• A family-friendly, value-driven DSW

• Footwear: A wide assortment of shoes for men, women, and children, encompassing athletic, casual, dress, and seasonal styles from various brands.
• Socks: A selection of socks designed to complement different types of footwear and activities.
• Shoe Care Products: Items such as polishes, cleaners, laces, and inserts to maintain and enhance shoe longevity and comfort.
• Handbags & Accessories: A range of bags, backpacks, and other related items often sold alongside footwear.

Shoe Carnival (SCVL) operates primarily on a Business-to-Consumer (B2C) model, selling footwear directly to individual customers through its retail stores and e-commerce platform. Therefore, it does not have major corporate customers.

Based on its business model and product offerings, Shoe Carnival serves the following categories of individual customers:

• Families and Parents Purchasing for Children: Shoe Carnival emphasizes being a "family footwear retailer," offering a broad assortment for children. This category includes parents seeking a wide selection of branded shoes for their kids, often with a focus on value.
• Budget-Conscious Shoppers and Value Seekers: The company is known for its promotional events, discount atmosphere, and competitive pricing on national and regional brands. This attracts customers looking for good deals and value for their money on various footwear types.
• General Consumers Seeking Everyday Footwear: This broad category includes adults (men and women) looking for a variety of shoes for personal use, ranging from casual and athletic to dress footwear, from popular brands available at accessible price points.

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Mark J. Worden, President and Chief Executive Officer

Mark J. Worden was appointed President and Chief Executive Officer of Shoe Carnival in September 2021. He joined Shoe Carnival in 2018 as Executive Vice President, Chief Strategy and Marketing Officer. Before his time at Shoe Carnival, Mr. Worden spent over two decades in the Consumer Packaged Goods and Retail Grocery industries, working with prominent corporations such as S.C. Johnson, Kimberly-Clark, and Kroger. At S.C. Johnson, he served as Assistant to the Chairman and CEO and led the Northern European region. He holds a Bachelor of Science degree from Cornell University and an MBA in Marketing from The College of William & Mary.

W. Kerry Jackson, Executive Vice President, Chief Financial Officer and Treasurer

W. Kerry Jackson was appointed Executive Vice President and Chief Financial Officer, effective September 28, 2025. He rejoined Shoe Carnival in June 2025 as Senior Vice President, New Business Development, after having retired in May 2023. Mr. Jackson previously served as Shoe Carnival's CFO for 27 years and has a total tenure of 35 years with the company.

Clifton E. Sifford, Vice Chairman

Clifton E. Sifford served as the Chief Executive Officer of Shoe Carnival from October 2012 until September 2021. He began his career in the shoe business approximately 38 years ago as a salesperson. Mr. Sifford joined Shoe Carnival in 1997 as Senior Vice President and General Merchandise Manager. His leadership is credited with achieving revenue growth to over $1 billion and eleven consecutive years of comparable store sales growth.

Marc A. Chilton, Senior Executive Vice President - Chief Operating Officer

Marc A. Chilton serves as the Senior Executive Vice President and Chief Operating Officer for Shoe Carnival.

Tanya E. Gordon, Executive Vice President – Chief Merchandising Officer

Tanya E. Gordon is the Executive Vice President and Chief Merchandising Officer at Shoe Carnival.

There are two clear emerging threats to Shoe Carnival (SCVL):

1. Accelerated Brand Direct-to-Consumer (DTC) Strategies: Major footwear brands, on which Shoe Carnival relies for its inventory of popular shoes, are increasingly prioritizing and investing in their own direct-to-consumer channels (e-commerce websites, flagship stores). Companies like Nike and Adidas have publicly stated aggressive goals to shift a significant portion of their sales to DTC, leading to a reduction in their wholesale partnerships with third-party retailers, including off-price chains. This emerging trend threatens Shoe Carnival's ability to consistently source and offer the desirable, in-demand branded footwear at competitive prices that attracts its core customer base, potentially impacting inventory availability and product mix.

2. Growth of Footwear Resale Marketplaces: The market for pre-owned and authenticated sneakers and other footwear is experiencing rapid growth, driven by platforms like StockX, GOAT, and other online marketplaces. This trend offers consumers an alternative channel to acquire branded footwear, often at competitive prices or for specific styles that may be unavailable through traditional retail channels. For Shoe Carnival's value-conscious customer base, the increasing legitimacy, convenience, and variety offered by the resale market presents a new form of competition that can divert consumer spending and interest away from purchasing new, discounted footwear.

The addressable market for Shoe Carnival's main products and services is the United States footwear market.

Shoe Carnival is an American retailer specializing in family footwear, including men's, women's, children's, and athletic shoes, along with accessories like handbags, wallets, shoe care items, and socks. The company primarily operates across 36 states and Puerto Rico in the United States.

The United States footwear market demonstrates a significant addressable market size:

• In 2023, the U.S. footwear market generated approximately $91.25 billion in revenue, with projections to reach approximately $117.38 billion by 2030, at a compound annual growth rate (CAGR) of 3.7% from 2024 to 2030.
• Other estimates indicate the U.S. footwear market size reached around $94.7 billion in 2024 and is expected to grow to $119.0 billion by 2033, with a CAGR of 2.6% during 2025-2033.
• More recently, the U.S. footwear market size was approximately $97.72 billion in 2024, with an estimated growth at a CAGR of 3.80% to reach about $141.89 billion by 2034.
• Another report suggests Americans spent $113.7 billion on shoes in 2024.
• The footwear market in the U.S. is projected to grow from $103 billion in 2025 to $130.95 billion by 2030, at a 4.93% CAGR.
• The market size of the Shoe Stores industry in the United States specifically is estimated at $76.0 billion in 2025.

These figures represent the addressable market for footwear within the United States.

Shoe Carnival (SCVL) is expected to drive future revenue growth over the next two to three years through several strategic initiatives:

• Rebanner Strategy to Shoe Station: A primary driver is the accelerated rebanner strategy, converting existing Shoe Carnival stores to the Shoe Station banner. This strategy targets more affluent customers with a premium product assortment, leading to higher average unit retail prices and improved margins. The company anticipates over 80 percent of its current store fleet will operate as Shoe Station stores by March 2027.
• Expansion into New Markets: As part of the Shoe Station growth strategy, Shoe Carnival plans to expand the Shoe Station banner into new geographic markets where the company previously underperformed or where the Shoe Station concept can thrive. This involves converting existing stores and entering new areas where the brand is not yet established.
• Acquisition and Integration of Rogan's Shoes: The acquisition of Rogan's Shoes in February 2024 is contributing to net sales and expanding Shoe Carnival's market presence. The integration of Rogan's is proceeding as planned and is expected to continue favorably impacting revenue.
• Targeting Higher-Income Customers and Premium Product Mix: The Shoe Station brand focuses on attracting "mature, affluent, and suburban" customers who are inclined to purchase premium brands and higher-priced items. This shift in customer demographic and product mix is driving improved economics across the portfolio and enhancing product margins.

Share Repurchases

• A new $50 million share repurchase program was authorized on December 14, 2023, effective January 1, 2025, and is scheduled to run through December 31, 2025. This program replaced an expiring $50 million authorization.
• As of August fiscal month-end 2025, Shoe Carnival had $50 million remaining under its share repurchase authorization.
• Over eight years leading up to fiscal year 2021, the company returned over $230 million to shareholders through dividends and share repurchases.

Share Issuance

• No significant dollar amount of share issuances for capital raising purposes was identified in the last 3-5 years. As of January 30, 2021, approximately 519,000 shares were available for future issuances under the 2017 plan.

Inbound Investments

• Shoe Carnival has a consistent strategy of funding its operations, acquisitions, and investments from operating cash flow, maintaining a debt-free balance sheet for 20 consecutive years. No information was found regarding large third-party investments in the company.

Outbound Investments

• In December 2021, Shoe Carnival acquired Shoe Station for $67 million, utilizing cash on hand to fund its first acquisition.
• The company acquired Rogan's Shoes in Fiscal 2024, which contributed over $80 million in net sales during that fiscal year.
• Mergers and acquisitions are a key part of Shoe Carnival's growth strategy to become the nation's leading family footwear retailer.

Capital Expenditures

• Capital expenditures totaled $77.3 million in Fiscal 2022 and $56.3 million in Fiscal 2023, primarily allocated to store modernization and new store development, completing approximately 60% of Shoe Carnival store modernizations by the end of Fiscal 2023.
• For Fiscal 2024, expected capital expenditures are projected to be between $45 million and $55 million, including $30 million to $35 million dedicated to the "rebanner" strategy of converting Shoe Carnival stores to Shoe Station stores.
• Anticipated capital expenditures for Fiscal 2025 are in the range of $45 million to $60 million, with approximately $25 million invested in the rebanner strategy expected to impact operating income.