Shoe Carnival acquired Rogan’s Shoes, the retailer announced Feb. 13. The deal was value $45 million, it said in an announcement.
Shoe Carnival is No. 335 within the Top 1000. The Digital Commerce 360 database ranks North America’s leading retailers by online sales.
Why did Shoe Carnival acquire Rogan’s?
The footwear retailer expects to see advantages from the acquisition in its 2024 fiscal yr. Adding Rogan’s to Shoe Carnival’s portfolio will generate roughly $84 million in sales and $10 million in operating income in 2024, the retailer said. That doesn’t include transaction and integration costs.
Rogan’s is 53 years old, with 28 locations across Wisconsin, Illinois and Minnesota. The acquisition makes Shoe Carnival the market leader in Wisconsin and establishes a store base in Minnesota.
“Our growth strategy is concentrated on becoming the nation’s leading family footwear retailer through a mixture of organic growth initiatives and M&A activity that expands our geographic footprint and customer base,” Mark Worden, president and CEO of Shoe Carnival, said in an announcement. “Over the past five many years, the Rogan family has built a brand that’s well-known and trusted throughout the state of Wisconsin. As such, they’ve established a transparent market leadership position in Wisconsin for work and family footwear, with a compelling assortment, great customer support, and a highly committed team of employees.”
With Rogan’s, Shoe Carnival may even reach an all-time high store count of 429. That’s on the right track toward its goal of 500 stores by fiscal 2025, the retailer said.
Shoe Carnival’s 2023 results
Shoe Carnival reported $1.176 billion in sales for fiscal 2023, which ended Feb. 3, 2024. That’s down barely from $1.26 billion in 2022. Nonetheless, results were on the high end of expectations, the retailer said. Shoe Carnival credited a robust holiday period for the outcomes, which can be fully released in March.
The footwear retailer also said it reduced inventory levels 10% yr over yr, down greater than $40 million as a part of a list optimization plan. Shoe Carnival ended the yr with $110 million in money readily available and reported no debt for the nineteenth consecutive yr.
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