Shoe Carnival Inc. (NASDAQ: NASDAQ:) said that Carl N. Scibetta, the Senior Executive Vice President and Chief Merchandising Officer, has decided to retire in the spring of 2025. Scibetta, who has over 50 years of experience in the retail industry and has dedicated more than a decade of service to Shoe Carnival (NYSE:).
He communicated his decision to the company on October 3, 2024.
The retailer, headquartered in Evansville, Indiana, plans to appoint a successor to Scibetta in early 2025. Until his retirement, Scibetta will continue in his current role to ensure a smooth transition with his successor throughout the fiscal year 2025.
In other recent news, Shoe Carnival, a leading family footwear retailer, has reported a significant 12.9% increase in net sales for the second quarter of 2024, reaching $332.7 million. This robust performance was largely attributed to a successful back-to-school season, integration of Rogan’s Shoes, and testing of a new banner switch strategy.
As a result, the company has raised its annual sales and earnings per share (EPS) guidance ranges, now anticipating full-year net sales to be between $1.23 billion and $1.25 billion, with GAAP EPS forecasted between $2.55 and $2.70.
In addition to these financial developments, Shoe Carnival has declared a quarterly cash dividend of $0.135 per share, marking the company’s 50th consecutive quarterly dividend. Despite potential uncertainties such as shifts in customer buying behavior and the impact of the upcoming election cycle, the company remains confident in its strategies.
InvestingPro Insights
As Shoe Carnival Inc. prepares for the transition in its executive leadership, recent financial data and market performance provide additional context for investors. According to InvestingPro, Shoe Carnival’s market capitalization stands at $1.1 billion, with a price-to-earnings ratio of 14.23, indicating a relatively moderate valuation in the retail sector.
The company’s financial health appears robust, with InvestingPro Tips highlighting that Shoe Carnival has maintained dividend payments for 13 consecutive years and has raised its dividend for 11 consecutive years. This consistent dividend policy may be attractive to income-focused investors during the leadership transition period.
Furthermore, Shoe Carnival’s stock has shown strong performance, with a one-year price total return of 70.71% as of the latest data. This impressive return, coupled with the company’s ability to cover…
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