Shoe Carnival reported net sales of $262.9 million for the fourth quarter of Fiscal 2024, consistent with expectations. This compares to $280.2 million in Q4 Fiscal 2023, which benefited from an extra week and retail calendar shift of approximately $20 million. Without this benefit, net sales increased by approximately $2 million, driven by Shoe Station and the Rogan's acquisition.
For the full Fiscal Year 2024, net sales reached $1.203 billion, an increase of 2.3% compared to Fiscal 2023. This growth was fueled by Shoe Station's 5.7% net sales growth and over $80 million in net sales from Rogan's. Adjusted EPS for Fiscal 2024 was $2.72, hitting the high end of guidance.
The company announced a new long-term strategy to rapidly expand its Shoe Station banner, aiming to rebanner 175 stores over the next 24 months. This will result in over half of the fleet operating as Shoe Station. The first phase in Fiscal 2025 involves rebannering 50 to 75 Shoe Carnival stores, with an expected $20 million to $25 million impact on Fiscal 2025 operating income, or approximately $0.65 per diluted share.
Shoe Carnival initiated its Fiscal 2025 financial outlook, projecting GAAP EPS between $1.60 and $2.10 and net sales between $1.15 billion and $1.23 billion. The company ended Fiscal 2024 with no debt for the 20th consecutive year and held approximately $123.1 million in cash, cash equivalents, and marketable securities.
The strategic pivot to Shoe Station is based on successful in-market tests where rebannered stores showed over 10% higher sales and profit contribution compared to their previous Shoe Carnival format. This aggressive expansion is expected to drive significant market share growth and enhance the productivity of the store base.
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