XML 28 R17.htm IDEA: XBRL DOCUMENT v3.25.1
Segment Reporting
 12 Months Ended
Feb. 01, 2025
Segment Reporting [Abstract]  
Segment Reporting

Note 6 – Segment Reporting

Shoe Carnival, Inc. has a single operating and reportable segment that sells footwear and related merchandise for the family across our retail banners and sales channels. With respect to our omnichannel strategy, our e-commerce sales channel is integrated with our Shoe Carnival, Shoe Station and Rogan’s physical store locations across 36 states and Puerto Rico and is fundamentally inseparable in how we serve our target customers.

Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer. The CODM assesses performance and decides how to allocate resources based on Net Income that also is reported on the income statement as our consolidated Net Income. The CODM uses Net Income to evaluate performance in deciding whether to reinvest

profits, facilitate acquisitions or return funds to shareholders through dividends or share repurchases. Net Income is used to monitor budget versus actual results and in competitive analysis by benchmarking to our peers and competitors. The benchmarking analysis and the monitoring of budgeted versus actual results are used in assessing our performance and in establishing management’s compensation.

We have concluded that, on the basis of the principles in ASC 280, the expenses below require disclosure under the significant expense principle. The CODM does not review assets in evaluating results. Therefore, such information is not provided. Operating financial results of our segment for fiscal years 2024, 2023 and 2022 are as follows:

 

(In thousands)

 

February 1,
2025

 

 

February 3,
2024

 

 

January 28,
2023

 

Net sales

 

$

1,202,885

 

 

$

1,175,882

 

 

$

1,262,235

 

Less:

 

 

 

 

 

 

 

 

 

   Merchandise & delivery costs (1)

 

 

683,816

 

 

 

669,629

 

 

 

715,516

 

   Store occupancy costs

 

 

90,275

 

 

 

84,863

 

 

 

78,555

 

   Store expenses (2)

 

 

163,398

 

 

 

157,581

 

 

 

158,583

 

   E-commerce expenses (3)

 

 

19,104

 

 

 

19,430

 

 

 

17,886

 

   Advertising

 

 

50,533

 

 

 

56,272

 

 

 

55,902

 

   Store depreciation and other selling expenses (4)

 

 

39,947

 

 

 

35,034

 

 

 

30,994

 

   General and administrative expenses (5)

 

 

64,660

 

 

 

59,568

 

 

 

58,355

 

   Other segment items (6)

 

 

(3,043

)

 

 

0

 

 

 

0

 

   Interest income

 

 

(3,605

)

 

 

(2,917

)

 

 

(972

)

   Interest expense

 

 

314

 

 

 

282

 

 

 

294

 

   Income tax expense

 

 

23,720

 

 

 

22,792

 

 

 

37,054

 

Net income

 

$

73,766

 

 

$

73,348

 

 

$

110,068

 

 

(1)
Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
(2)
Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
(3)
E-commerce expenses include primarily website maintenance costs and other selling expenses.
(4)
See Note 7 – Property and Equipment for more information. Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
(5)
General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation and merger and integration expenses.
(6)
Other segment items represent non-operating income resulting from pandemic-related tax credits associated with our acquisition of Rogan's in February 2024.