Shoe Carnival in corporate name, ticker symbol change; to expand via acquisitions
Shoe Carnival Inc. received shareholder approval to change its name.
The footwear retailer changed its corporate name to Shoe Station Group Inc., effective June 12. In connection with the change, the company's common stock will begin trading on the Nasdaq Stock under the symbol "SHOE” (also on June 12).
“The new name and new ticker are reflective of our multi-banner strategy with Shoe Station as our primary long-term growth vehicle and Shoe Carnival continuing in markets where it is dominant,” said Cliff Sifford, interim president and CEO. “We will also seek to expand our business through strategic acquisitions of other footwear retailers.”
Shoe Carnival announced plans to change its name last November as part of a strategy under CEO Mark Worden to consolidate its two brands under the Shoe Station banner, which has been outperforming the family footwear Shoe Carnival brand.
In May, the company said it decided to not go forward with the plan following a review of the strategy under company veteran Cliff Sifford, who took the reins of the company on an interim basis in February following the abrupt departure of Worden.
“Our review confirmed that the Shoe Carnival and Shoe Station banners each serve distinct consumer segments, and that the company is best positioned to operate both banners as permanent, independent components of our portfolio,” Sifford stated in the company’s first quarter earnings release.
On the company’s earnings call in May, Sifford noted that the Shoe Carnival banner “has more potential than recent results have shown.”
“We will restore the right product mix that delivers competitive opening price points our customers expects,” he told analysts. "We will pair that assortment with a measured in store promotional cadence and supporting marketing presence. We will execute consistently across the chain."
As of June 11, the company operated 426 stores in 35 states and Puerto Rico under its Shoe Carnival and Shoe Station banners. It is headquartered in Fort Mill, S.C.
