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Shoe Carnival says the acquisition will lead to an additional $84 million in sales and $10 million in operating income in 2024.

Shoe Carnival acquired Rogan’s Shoes, the retailer announced Feb. 13. The deal was worth $45 million, it said in a statement. 

Shoe Carnival is No. 335 in the Top 1000. The Digital Commerce 360 database ranks North America’s leading retailers by online sales. 

Why did Shoe Carnival acquire Rogan’s?

The footwear retailer expects to see benefits from the acquisition in its 2024 fiscal year. Adding Rogan’s to Shoe Carnival’s portfolio will generate approximately $84 million in sales and $10 million in operating income in 2024, the retailer said. That doesn’t include transaction and integration costs.

Rogan’s is 53 years old, with 28 locations across Wisconsin, Illinois and Minnesota. The acquisition makes Shoe Carnival the market leader in Wisconsin and establishes a store base in Minnesota.

“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,” Mark Worden, president and CEO of Shoe Carnival, said in a statement. “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.”


With Rogan’s, Shoe Carnival will also reach an all-time high store count of 429. That’s on track toward its goal of 500 stores by fiscal 2025, the retailer said.

Shoe Carnival’s 2023 results

Shoe Carnival reported $1.176 billion in sales for fiscal 2023, which ended Feb. 3, 2024. That’s down slightly from $1.26 billion in 2022. However, results were on the high end of expectations, the retailer said. Shoe Carnival credited a strong holiday period for the results, which will be fully released in March.

The footwear retailer also said it reduced inventory levels 10% year over year, down more than $40 million as part of an inventory optimization plan. Shoe Carnival ended the year with $110 million in cash on hand and reported no debt for the 19th consecutive year.

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