Shoe Carnival Acquires Shoe Station For $67M

Shoe Carnival Inc SCVL has acquired all of the assets of privately-held, family-owned Shoe Station Inc for $67 million. Shoe Station operates stores in five Southeastern states.
Brent Barkin, the son of Shoe Station's founder Terry S. Barkin, will continue to lead Shoe Station.
The company expects the transaction to be immediately accretive to EPS in FY22, contributing ~$100 million in incremental net sales, with operating income exceeding 10% on a normalized basis.
Shoe Carnival expects to surpass 400 stores by the end of 2022.
The company held $173.4 million in cash and equivalents as of October 30, 2021.
Price Action: SCVL shares are trading lower by 0.91% at $38.45 on the last check Friday.

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