10-Q 1 scvl-20230729.htm 10-Q 10-Q
0000895447Q2false--01-270000895447us-gaap:TreasuryStockCommonMember2022-01-2900008954472022-01-290000895447us-gaap:StockAppreciationRightsSARSMember2022-01-302022-07-300000895447scvl:UnvestedStockBasedAwardsMember2022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMember2022-01-302022-07-3000008954472022-04-3000008954472023-01-292023-07-290000895447us-gaap:GeographicConcentrationRiskMemberscvl:OtherMemberus-gaap:SalesRevenueNetMember2023-01-292023-07-290000895447us-gaap:TreasuryStockCommonMember2022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:WomenMemberscvl:AthleticsMember2022-01-302022-07-300000895447us-gaap:RetainedEarningsMember2022-05-012022-07-300000895447us-gaap:CommonStockMember2022-04-300000895447us-gaap:FairValueInputsLevel3Member2023-01-280000895447us-gaap:TreasuryStockCommonMember2022-05-012022-07-300000895447scvl:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-04-302023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMember2023-01-292023-07-290000895447us-gaap:FairValueInputsLevel1Member2023-01-280000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMemberscvl:ChildrenMember2023-01-292023-07-290000895447us-gaap:AdditionalPaidInCapitalMember2022-07-300000895447us-gaap:GeographicConcentrationRiskMemberscvl:NonAthleticsMemberus-gaap:SalesRevenueNetMemberscvl:WomenMember2022-05-012022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-05-012022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMemberscvl:ChildrenMember2022-01-302022-07-3000008954472022-01-302023-01-280000895447us-gaap:GeographicConcentrationRiskMemberscvl:OtherMemberus-gaap:SalesRevenueNetMember2022-01-302022-07-300000895447us-gaap:TreasuryStockCommonMember2023-04-290000895447us-gaap:StockAppreciationRightsSARSMember2023-01-292023-07-2900008954472023-08-250000895447us-gaap:EmployeeStockMember2022-05-012022-07-300000895447scvl:OtherMemberus-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-05-012022-07-300000895447us-gaap:FairValueInputsLevel2Member2022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:MenMemberscvl:AthleticsMember2022-05-012022-07-300000895447us-gaap:AdditionalPaidInCapitalMember2022-04-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AccessoriesMember2022-05-012022-07-300000895447us-gaap:GeographicConcentrationRiskMemberscvl:NonAthleticsMemberus-gaap:SalesRevenueNetMemberscvl:ChildrenMember2022-05-012022-07-3000008954472023-07-290000895447scvl:UnvestedStockBasedAwardsMember2023-04-302023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:WomenMemberscvl:AthleticsMember2023-04-302023-07-290000895447scvl:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-07-290000895447us-gaap:TreasuryStockCommonMember2022-04-300000895447us-gaap:AdditionalPaidInCapitalMember2023-07-290000895447us-gaap:FairValueInputsLevel3Member2023-07-290000895447scvl:UnvestedStockBasedAwardsMember2023-01-292023-07-290000895447us-gaap:EmployeeStockMember2022-01-302022-07-300000895447us-gaap:TreasuryStockCommonMember2023-01-280000895447us-gaap:RestrictedStockMember2023-01-280000895447us-gaap:RetainedEarningsMember2022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AccessoriesMember2022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:MenMemberscvl:AthleticsMember2023-04-302023-07-290000895447us-gaap:AdditionalPaidInCapitalMember2022-01-302022-07-300000895447us-gaap:AdditionalPaidInCapitalMember2023-04-290000895447scvl:AmendedAndRestatedTwoThousandAndSeventeenEquityIncentivePlanMember2023-07-2900008954472023-01-280000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMemberscvl:ChildrenMember2022-05-012022-07-300000895447us-gaap:RestrictedStockMember2023-01-292023-07-290000895447us-gaap:RetainedEarningsMember2023-04-290000895447us-gaap:AdditionalPaidInCapitalMember2023-01-280000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMemberscvl:ChildrenMember2023-04-302023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMember2023-01-292023-07-290000895447us-gaap:FairValueInputsLevel3Member2022-07-3000008954472023-04-302023-07-290000895447us-gaap:GeographicConcentrationRiskMemberscvl:NonAthleticsMemberus-gaap:SalesRevenueNetMember2023-04-302023-07-290000895447us-gaap:CommonStockMember2022-01-290000895447us-gaap:GeographicConcentrationRiskMemberscvl:NonAthleticsMemberus-gaap:SalesRevenueNetMember2022-05-012022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:MenMemberscvl:AthleticsMember2023-01-292023-07-290000895447us-gaap:TreasuryStockCommonMember2023-07-290000895447scvl:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-01-292023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:MenMember2023-01-292023-07-290000895447scvl:AmendedAndRestatedTwoThousandAndSeventeenEquityIncentivePlanMember2023-06-202023-06-200000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:MenMember2023-04-302023-07-290000895447us-gaap:CommonStockMember2023-07-290000895447us-gaap:RetainedEarningsMember2023-01-292023-07-290000895447us-gaap:RetainedEarningsMember2023-07-290000895447scvl:UnvestedStockBasedAwardsMember2022-05-012022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:WomenMember2022-01-302022-07-300000895447us-gaap:TreasuryStockCommonMember2022-07-300000895447scvl:RestrictedStockUnitsAndPerformanceStockUnitsMember2022-05-012022-07-300000895447us-gaap:RetainedEarningsMember2022-01-290000895447us-gaap:RestrictedStockMember2022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-01-292023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:WomenMember2023-04-302023-07-290000895447us-gaap:EmployeeStockMember2023-04-302023-07-290000895447us-gaap:TreasuryStockCommonMember2023-04-302023-07-290000895447us-gaap:FairValueInputsLevel1Member2023-07-290000895447us-gaap:AdditionalPaidInCapitalMember2023-04-302023-07-290000895447us-gaap:CommonStockMember2023-04-290000895447us-gaap:AdditionalPaidInCapitalMember2022-05-012022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:MenMemberscvl:AthleticsMember2022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:WomenMember2023-01-292023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:WomenMemberscvl:AthleticsMember2023-01-292023-07-290000895447us-gaap:FairValueInputsLevel1Member2022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMember2022-05-012022-07-300000895447us-gaap:RetainedEarningsMember2023-04-302023-07-290000895447us-gaap:RetainedEarningsMember2022-01-302022-07-300000895447us-gaap:FairValueInputsLevel2Member2023-07-290000895447us-gaap:EmployeeStockMember2023-01-292023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AccessoriesMember2023-01-292023-07-2900008954472022-07-300000895447us-gaap:GeographicConcentrationRiskMemberscvl:NonAthleticsMemberus-gaap:SalesRevenueNetMemberscvl:MenMember2022-01-302022-07-300000895447us-gaap:AdditionalPaidInCapitalMember2023-01-292023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMember2023-04-302023-07-290000895447us-gaap:StockAppreciationRightsSARSMember2022-05-012022-07-300000895447us-gaap:StockAppreciationRightsSARSMember2023-04-302023-07-290000895447us-gaap:TreasuryStockCommonMember2023-01-292023-07-2900008954472022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:ChildrenMember2023-04-302023-07-290000895447us-gaap:GeographicConcentrationRiskMemberscvl:OtherMemberus-gaap:SalesRevenueNetMember2023-04-302023-07-290000895447scvl:RestrictedStockUnitsAndPerformanceStockUnitsMember2022-01-302022-07-300000895447us-gaap:CommonStockMember2023-01-280000895447us-gaap:AdditionalPaidInCapitalMember2022-01-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:ChildrenMember2023-01-292023-07-290000895447us-gaap:FairValueInputsLevel2Member2023-01-280000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AccessoriesMember2023-04-302023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMemberscvl:MenMember2022-05-012022-07-3000008954472023-04-290000895447us-gaap:GeographicConcentrationRiskMemberscvl:NonAthleticsMemberus-gaap:SalesRevenueNetMemberscvl:ChildrenMember2022-01-302022-07-300000895447us-gaap:RetainedEarningsMember2022-04-300000895447us-gaap:RestrictedStockMember2023-07-2900008954472022-05-012022-07-300000895447scvl:RestrictedStockUnitsAndPerformanceStockUnitsMember2023-01-280000895447us-gaap:RetainedEarningsMember2023-01-280000895447us-gaap:CommonStockMember2022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:AthleticsMember2023-04-302023-07-290000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:NonAthleticsMember2022-01-302022-07-300000895447us-gaap:GeographicConcentrationRiskMemberus-gaap:SalesRevenueNetMemberscvl:WomenMemberscvl:AthleticsMember2022-05-012022-07-30xbrli:purexbrli:sharesscvl:Stateiso4217:USDxbrli:sharesiso4217:USD

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

Form 10-Q

 

(Mark One)

Quarterly report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the quarterly period ended July 29, 2023

or

Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

For the transition period from  to .

 

Commission File Number:

0-21360

 

 

Shoe Carnival, Inc.

(Exact name of registrant as specified in its charter)

 

Indiana

35-1736614

(State or other jurisdiction of

incorporation or organization)

(IRS Employer

Identification Number)

7500 East Columbia Street

Evansville, IN

47715

(Address of principal executive offices)

(Zip code)

 

(812) 867-4034

(Registrant’s telephone number, including area code)

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

 

Trading

Symbol(s)

 

Name of each exchange on which registered

Common Stock, par value $0.01 per share

 

SCVL

 

The Nasdaq Stock Market LLC

 

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. ☒ Yes ☐ No

 

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). ☒ Yes ☐ No

 

 

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

Accelerated filer

☐ Non-accelerated filer

 Smaller reporting company

 Emerging growth company

 

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 No

 

 

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 27,359,697.

 


 

SHOE CARNIVAL, INC.

INDEX TO FORM 10-Q

 

Page

Part I

Financial Information

 

 

 

 

 

Item 1.

Financial Statements (Unaudited)

 

Condensed Consolidated Balance Sheets

3

Condensed Consolidated Statements of Income

4

Condensed Consolidated Statements of Shareholders’ Equity

5

Condensed Consolidated Statements of Cash Flows

6

Notes to Condensed Consolidated Financial Statements

7

 

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

13

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

19

 

Item 4.

Controls and Procedures

19

 

Part II

Other Information

 

 

 

 

 

Item 1A.

Risk Factors

20

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

20

 

 

Item 5.

Other Information

20

 

 

 

 

Item 6.

Exhibits

20

 

Signature

21

 

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)

 

July 29, 2023

 

 

January 28, 2023

 

 

July 30, 2022

 

Assets

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

34,562

 

 

$

51,372

 

 

$

51,620

 

Marketable securities

 

 

12,218

 

 

 

11,601

 

 

 

10,994

 

Accounts receivable

 

 

3,961

 

 

 

3,052

 

 

 

10,677

 

Merchandise inventories

 

 

409,342

 

 

 

390,390

 

 

 

385,510

 

Other

 

 

25,281

 

 

 

13,308

 

 

 

18,131

 

Total Current Assets

 

 

485,364

 

 

 

469,723

 

 

 

476,932

 

Property and equipment – net

 

 

159,186

 

 

 

141,435

 

 

 

124,789

 

Operating lease right-of-use assets

 

 

339,598

 

 

 

318,612

 

 

 

254,537

 

Intangible assets

 

 

32,600

 

 

 

32,600

 

 

 

32,600

 

Goodwill

 

 

12,023

 

 

 

12,023

 

 

 

10,786

 

Other noncurrent assets

 

 

14,433

 

 

 

15,388

 

 

 

14,871

 

Total Assets

 

$

1,043,204

 

 

$

989,781

 

 

$

914,515

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

77,429

 

 

$

78,850

 

 

$

113,826

 

Accrued and other liabilities

 

 

19,999

 

 

 

20,281

 

 

 

22,893

 

Current portion of operating lease liabilities

 

 

57,335

 

 

 

58,154

 

 

 

52,523

 

Total Current Liabilities

 

 

154,763

 

 

 

157,285

 

 

 

189,242

 

Long-term portion of operating lease liabilities

 

 

307,326

 

 

 

285,074

 

 

 

226,115

 

Deferred income taxes

 

 

14,631

 

 

 

11,844

 

 

 

4,436

 

Deferred compensation

 

 

10,596

 

 

 

9,840

 

 

 

10,779

 

Other

 

 

369

 

 

 

170

 

 

 

311

 

Total Liabilities

 

 

487,685

 

 

 

464,213

 

 

 

430,883

 

 

 

 

 

 

 

 

 

 

Shareholders’ Equity:

 

 

 

 

 

 

 

 

 

Common stock, $0.01 par value, 50,000,000 shares authorized and
   
41,049,190 shares issued in each period, respectively

 

 

410

 

 

 

410

 

 

 

410

 

Additional paid-in capital

 

 

81,151

 

 

 

83,423

 

 

 

80,760

 

Retained earnings

 

 

683,875

 

 

 

653,450

 

 

 

604,192

 

Treasury stock, at cost, 13,689,493 shares, 13,883,902
   shares and
13,435,296 shares, respectively

 

 

(209,917

)

 

 

(211,715

)

 

 

(201,730

)

Total Shareholders’ Equity

 

 

555,519

 

 

 

525,568

 

 

 

483,632

 

Total Liabilities and Shareholders’ Equity

 

$

1,043,204

 

 

$

989,781

 

 

$

914,515

 

 

See notes to Condensed Consolidated Financial Statements.

3


 

SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

Unaudited

 

(In thousands, except per share data)

 

Thirteen
Weeks Ended
 July 29, 2023

 

 

Thirteen
Weeks Ended
 July 30, 2022

 

 

Twenty-six
Weeks Ended
 July 29, 2023

 

 

Twenty-six
Weeks Ended
 July 30, 2022

 

Net sales

 

$

294,615

 

 

$

312,268

 

 

$

575,799

 

 

$

629,795

 

Cost of sales (including buying, distribution
   and occupancy costs)

 

 

189,150

 

 

 

199,138

 

 

 

371,817

 

 

 

403,802

 

Gross profit

 

 

105,465

 

 

 

113,130

 

 

 

203,982

 

 

 

225,993

 

Selling, general and administrative expenses

 

 

80,803

 

 

 

74,341

 

 

 

158,381

 

 

 

151,820

 

Operating income

 

 

24,662

 

 

 

38,789

 

 

 

45,601

 

 

 

74,173

 

Interest income

 

 

(433

)

 

 

(138

)

 

 

(911

)

 

 

(170

)

Interest expense

 

 

71

 

 

 

65

 

 

 

137

 

 

 

160

 

Income before income taxes

 

 

25,024

 

 

 

38,862

 

 

 

46,375

 

 

 

74,183

 

Income tax expense

 

 

5,583

 

 

 

9,953

 

 

 

10,408

 

 

 

18,377

 

Net income

 

$

19,441

 

 

$

28,909

 

 

$

35,967

 

 

$

55,806

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.71

 

 

$

1.05

 

 

$

1.32

 

 

$

2.01

 

Diluted

 

$

0.71

 

 

$

1.04

 

 

$

1.31

 

 

$

1.99

 

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

27,336

 

 

 

27,590

 

 

 

27,280

 

 

 

27,784

 

Diluted

 

 

27,410

 

 

 

27,812

 

 

 

27,449

 

 

 

28,061

 

 

See notes to Condensed Consolidated Financial Statements.

4


 

SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY

Unaudited

 

 

 

Thirteen Weeks Ended

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Retained

 

 

Treasury

 

 

 

 

(In thousands, except per share data)

 

Issued

 

 

Treasury

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Stock

 

 

Total

 

Balance at April 29, 2023

 

 

41,049

 

 

 

(13,714

)

 

$

410

 

 

$

80,361

 

 

$

667,196

 

 

$

(210,287

)

 

$

537,680

 

Dividends declared ($0.10 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,762

)

 

 

 

 

 

(2,762

)

Employee stock purchase plan purchases

 

 

 

 

 

2

 

 

 

 

 

 

12

 

 

 

 

 

 

41

 

 

 

53

 

Stock-based compensation awards

 

 

 

 

 

23

 

 

 

 

 

 

(329

)

 

 

 

 

 

329

 

 

 

0

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,107

 

 

 

 

 

 

 

 

 

1,107

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

19,441

 

 

 

 

 

 

19,441

 

Balance at July 29, 2023

 

 

41,049

 

 

 

(13,689

)

 

$

410

 

 

$

81,151

 

 

$

683,875

 

 

$

(209,917

)

 

$

555,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at April 30, 2022

 

 

41,049

 

 

 

(13,462

)

 

$

410

 

 

$

79,595

 

 

$

577,823

 

 

$

(202,114

)

 

$

455,714

 

Dividends declared ($0.09 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,540

)

 

 

 

 

 

(2,540

)

Employee stock purchase plan purchases

 

 

 

 

 

3

 

 

 

 

 

 

9

 

 

 

 

 

 

39

 

 

 

48

 

Stock-based compensation awards

 

 

 

 

 

26

 

 

 

 

 

 

(383

)

 

 

 

 

 

383

 

 

 

0

 

Shares surrendered by employees to pay taxes
   on stock-based compensation awards

 

 

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

 

 

(38

)

 

 

(38

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

1,539

 

 

 

 

 

 

 

 

 

1,539

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

28,909

 

 

 

 

 

 

28,909

 

Balance at July 30, 2022

 

 

41,049

 

 

 

(13,435

)

 

$

410

 

 

$

80,760

 

 

$

604,192

 

 

$

(201,730

)

 

$

483,632

 

 

 

 

Twenty-six Weeks Ended

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Retained

 

 

Treasury

 

 

 

 

(In thousands, except per share data)

 

Issued

 

 

Treasury

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Stock

 

 

Total

 

Balance at January 28, 2023

 

 

41,049

 

 

 

(13,884

)

 

$

410

 

 

$

83,423

 

 

$

653,450

 

 

$

(211,715

)

 

$

525,568

 

Dividends declared ($0.20 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,542

)

 

 

 

 

 

(5,542

)

Employee stock purchase plan purchases

 

 

 

 

 

5

 

 

 

 

 

 

29

 

 

 

 

 

 

81

 

 

 

110

 

Stock-based compensation awards

 

 

 

 

 

305

 

 

 

 

 

 

(4,644

)

 

 

 

 

 

4,644

 

 

 

0

 

Shares surrendered by employees to pay taxes
   on stock-based compensation awards

 

 

 

 

 

(115

)

 

 

 

 

 

 

 

 

 

 

 

(2,927

)

 

 

(2,927

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

2,343

 

 

 

 

 

 

 

 

 

2,343

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

35,967

 

 

 

 

 

 

35,967

 

Balance at July 29, 2023

 

 

41,049

 

 

 

(13,689

)

 

$

410

 

 

$

81,151

 

 

$

683,875

 

 

$

(209,917

)

 

$

555,519

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at January 29, 2022

 

 

41,049

 

 

 

(12,883

)

 

$

410

 

 

$

80,681

 

 

$

553,487

 

 

$

(182,045

)

 

$

452,533

 

Dividends declared ($0.18 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,101

)

 

 

 

 

 

(5,101

)

Employee stock purchase plan purchases

 

 

 

 

 

5

 

 

 

 

 

 

27

 

 

 

 

 

 

66

 

 

 

93

 

Stock-based compensation awards

 

 

 

 

 

196

 

 

 

 

 

 

(2,850

)

 

 

 

 

 

2,850

 

 

 

0

 

Shares surrendered by employees to pay taxes
   on stock-based compensation awards

 

 

 

 

 

(70

)

 

 

 

 

 

 

 

 

 

 

 

(2,086

)

 

 

(2,086

)

Purchase of common stock for treasury

 

 

 

 

 

(683

)

 

 

 

 

 

 

 

 

 

 

 

(20,515

)

 

 

(20,515

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

2,902

 

 

 

 

 

 

 

 

 

2,902

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55,806

 

 

 

 

 

 

55,806

 

Balance at July 30, 2022

 

 

41,049

 

 

 

(13,435

)

 

$

410

 

 

$

80,760

 

 

$

604,192

 

 

$

(201,730

)

 

$

483,632

 

 

See notes to Condensed Consolidated Financial Statements.

5


 

SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

(In thousands)

 

Twenty-six
Weeks Ended
July 29, 2023

 

 

Twenty-six
Weeks Ended
July 30, 2022

 

Cash Flows From Operating Activities

 

 

 

 

 

 

Net income

 

$

35,967

 

 

$

55,806

 

Adjustments to reconcile net income to net cash
    provided by operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

13,822

 

 

 

10,416

 

Stock-based compensation

 

 

2,326

 

 

 

2,741

 

Loss on retirement and impairment of assets, net

 

 

59

 

 

 

83

 

Deferred income taxes

 

 

2,787