UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form
(Mark One)
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Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the quarterly period ended |
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or |
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 |
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For the transition period from to . |
Commission File Number: |
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(Exact name of registrant as specified in its charter) |
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(State or other jurisdiction of incorporation or organization) |
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(IRS Employer Identification Number) |
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(Address of principal executive offices) |
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(Zip code) |
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(Registrant’s telephone number, including area code) |
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NOT APPLICABLE |
(Former name, former address and former fiscal year, if changed since last report) |
Securities registered pursuant to Section 12(b) of the Act:
Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. ☒
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). ☒
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer”, “accelerated filer”, “smaller reporting company”, and “emerging growth company” in Rule 12b-2 of the Exchange Act.
☐ Large accelerated filer |
☒ |
☐ Non-accelerated filer |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). ☐ Yes
APPLICABLE ONLY TO CORPORATE ISSUERS:
Indicate the number of shares outstanding of each of the issuer’s classes of common stock, as of the latest practicable date.
Number of Shares of Common Stock, par value $0.01 per share, outstanding at August 25, 2023 was
SHOE CARNIVAL, INC.
INDEX TO FORM 10-Q
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Part I |
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Item 1. |
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3 |
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5 |
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7 |
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Item 2. |
Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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Item 3. |
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Item 4. |
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Part II |
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Item 1A. |
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Item 2. |
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Item 5. |
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Item 6. |
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2
SHOE CARNIVAL, INC.
PART I - FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
Unaudited
(In thousands, except share data) |
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July 29, 2023 |
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January 28, 2023 |
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July 30, 2022 |
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Assets |
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Current Assets: |
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Cash and cash equivalents |
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$ |
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$ |
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$ |
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Marketable securities |
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Accounts receivable |
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Merchandise inventories |
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Other |
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Total Current Assets |
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Property and equipment – net |
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Operating lease right-of-use assets |
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Intangible assets |
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Goodwill |
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Other noncurrent assets |
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Total Assets |
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$ |
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$ |
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$ |
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Liabilities and Shareholders’ Equity |
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Current Liabilities: |
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Accounts payable |
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$ |
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$ |
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$ |
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Accrued and other liabilities |
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Current portion of operating lease liabilities |
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Total Current Liabilities |
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Long-term portion of operating lease liabilities |
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Deferred income taxes |
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Deferred compensation |
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Other |
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Total Liabilities |
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Shareholders’ Equity: |
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Common stock, $ |
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Additional paid-in capital |
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Retained earnings |
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Treasury stock, at cost, |
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Total Shareholders’ Equity |
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Total Liabilities and Shareholders’ Equity |
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$ |
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$ |
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$ |
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See notes to Condensed Consolidated Financial Statements.
3
SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
Unaudited
(In thousands, except per share data) |
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Thirteen |
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Thirteen |
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Twenty-six |
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Twenty-six |
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Net sales |
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$ |
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$ |
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$ |
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$ |
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Cost of sales (including buying, distribution |
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Gross profit |
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Selling, general and administrative expenses |
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Operating income |
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Interest income |
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( |
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Interest expense |
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Income before income taxes |
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Income tax expense |
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Net income |
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$ |
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$ |
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$ |
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$ |
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Net income per share: |
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Basic |
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$ |
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$ |
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$ |
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$ |
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Diluted |
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$ |
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$ |
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$ |
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$ |
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Weighted average shares: |
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Basic |
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Diluted |
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See notes to Condensed Consolidated Financial Statements.
4
SHOE CARNIVAL, INC.
Unaudited
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Thirteen Weeks Ended |
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Common Stock |
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Additional |
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Retained |
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Treasury |
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(In thousands, except per share data) |
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Issued |
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Treasury |
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Amount |
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Capital |
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Earnings |
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Stock |
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Total |
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Balance at April 29, 2023 |
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( |
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$ |
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$ |
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$ |
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$ |
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$ |
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Dividends declared ($ |
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( |
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Employee stock purchase plan purchases |
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Stock-based compensation awards |
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Stock-based compensation expense |
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Net income |
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Balance at July 29, 2023 |
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$ |
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$ |
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$ |
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$ |
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$ |
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Balance at April 30, 2022 |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Dividends declared ($ |
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( |
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Employee stock purchase plan purchases |
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Stock-based compensation awards |
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Shares surrendered by employees to pay taxes |
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( |
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Stock-based compensation expense |
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Net income |
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Balance at July 30, 2022 |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Twenty-six Weeks Ended |
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Common Stock |
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Additional |
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Retained |
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Treasury |
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(In thousands, except per share data) |
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Issued |
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Treasury |
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Amount |
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Capital |
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Earnings |
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Stock |
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Total |
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Balance at January 28, 2023 |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Dividends declared ($ |
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( |
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( |
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Employee stock purchase plan purchases |
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Stock-based compensation awards |
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( |
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Shares surrendered by employees to pay taxes |
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( |
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( |
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( |
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Stock-based compensation expense |
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Net income |
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Balance at July 29, 2023 |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Balance at January 29, 2022 |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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Dividends declared ($ |
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( |
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( |
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Employee stock purchase plan purchases |
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Stock-based compensation awards |
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( |
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Shares surrendered by employees to pay taxes |
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( |
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( |
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( |
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Purchase of common stock for treasury |
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( |
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( |
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( |
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Stock-based compensation expense |
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Net income |
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Balance at July 30, 2022 |
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( |
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$ |
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$ |
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$ |
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$ |
( |
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$ |
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See notes to Condensed Consolidated Financial Statements.
5
SHOE CARNIVAL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
Unaudited
(In thousands) |
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Twenty-six |
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Twenty-six |
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Cash Flows From Operating Activities |
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Net income |
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$ |
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$ |
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Adjustments to reconcile net income to net cash |
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Depreciation and amortization |
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Stock-based compensation |
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Loss on retirement and impairment of assets, net |
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Deferred income taxes |
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