- 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.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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