Shoe Carnival acquires Shoe Station

Footwear retailer Shoe Carnival has announced its acquisition of Shoe Station.

Shoe Station, which is privately held and family owned, was acquired for 67 million dollars, funded through cash on hand. Shoe Carnival will own and operate Shoe Station locations, with the brand having stores in five Southeastern states.

“We are excited to welcome Shoe Station to the Shoe Carnival team,” said Mark Worden, president and chief executive officer of Shoe Carnival. “Coming on the heels of our best quarter of our best year in our 43 year history, this deal accelerates our journey toward becoming a multi-billion dollar retailer in the years ahead.”

The acquisition allows Shoe Carnival to expand its portfolio through Shoe Station’s complementary retail platform, which will bring aboard a wider customer base that ranges across urban and suburban demographics.

The current president and chief executive officer of Shoe Station, G. Brent Barkin has been appointed as the company’s senior vice president, business development and integration and will report to Worden.

The transaction is likely to be immediately accretive to diluted net income per share in fiscal 2022. The company expects to exceed 400 stores by the end of 2022. It also will have over 100 million dollars in cash on hand after the acquisition has been closed.

“Shoe Carnival brings infrastructure and financial backing to significantly accelerate our Shoe Station brand growth,” said Barkin. “Taken together, the two brands create a winning customer value proposition.”