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Benjamin Fitzgerald Published
February 14,长沙USDT优质兑换 2025
Shoe Carnival announced on Tuesday it has acquired Rogan Shoes, a heritage work and family footwear company with 28 store locations in Wisconsin, Minnesota, and Illinois, for a purchase price of $45 million.
The acquisition is expected to be immediately accretive to the company’s fiscal 2025 earnings and generate approximately $84 million in sales and approximately $10 million in operating income, excluding transaction and integration costs.
The company added it has an 18-month integration plan in place and expects to capture an additional $1.5 million in synergies annually and to realize half of the profit synergies by fiscal 2025 and the full amount by fiscal 2026.
Strategic and cost synergies will be achieved by integrating Rogan’s into the Shoe Station growth banner and leveraging Share Carnival's existing systems and capabilities, according to a press release.
Shoe Carnival added that acquiring Rogan Shoes is inline with its strategy to be the nation’s leading family footwear retailer, and immediately positions it as the market leader in Wisconsin, establishing a store base in Minnesota, and creating additional expansion opportunities.
Following the integration of the acquisition of Rogan Shoes into the Shoe Station banner, the firm's combined banner sales are expected to surpass $200 million by fiscal 2025. With the acquisition, Shoe Carnival's store count will reach an all-time high of 429, keeping the company on track to achieve its target to operate over 500 stores in 2028.
"Our growth strategy is focused on becoming the nation’s leading family footwear retailer through a combination of organic growth initiatives and M&A activity that expands our geographic footprint and customer base," said Mark Worden, president and chief executive officer of Shoe Carnival.
"Over the past five decades the Rogan family has built a brand that is well known and trusted throughout the state of Wisconsin. As such, they have established a clear market leadership position in Wisconsin for work and family footwear, with a compelling assortment, great customer service, and a highly committed team of employees.”
Coinciding with the acquisition news, Shoe Carnival provided a preliminary earnings update. For the fiscal year ended February 3, 2025, the company said it achieved sales in the higher end of expectations with net sales of $1.176 billion, driven by strong sales growth during the December holiday period.