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Form 10-Q SHOE CARNIVAL INC For: Oct 30

November 29, 2021 4:01 PM EST

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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 October 30, 2021

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 November 24, 2021 was 28,165,273.

 

 


 

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

15

 

 

 

 

 

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

22

 

 

 

 

 

Item 4.

Controls and Procedures

22

 

 

 

Part II

Other Information

 

 

 

 

 

 

Item 1A.

Risk Factors

23

 

 

 

 

 

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

23

 

 

 

 

 

Item 6.

Exhibits

23

 

 

 

 

Signature

24

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)

 

October 30, 2021

 

 

January 30, 2021

 

 

October 31, 2020

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

173,364

 

 

$

106,532

 

 

$

46,740

 

Marketable securities

 

 

17,834

 

 

 

0

 

 

 

0

 

Accounts receivable

 

 

10,018

 

 

 

7,096

 

 

 

8,435

 

Merchandise inventories

 

 

282,014

 

 

 

233,266

 

 

 

274,264

 

Other

 

 

12,435

 

 

 

8,411

 

 

 

10,727

 

Total Current Assets

 

 

495,665

 

 

 

355,305

 

 

 

340,166

 

Property and equipment – net

 

 

71,963

 

 

 

62,325

 

 

 

63,434

 

Deferred income taxes

 

 

3,153

 

 

 

5,635

 

 

 

6,283

 

Other noncurrent assets

 

 

14,218

 

 

 

13,843

 

 

 

11,802

 

Operating lease right-of-use assets

 

 

201,510

 

 

 

205,639

 

 

 

201,658

 

Total Assets

 

$

786,509

 

 

$

642,747

 

 

$

623,343

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities and Shareholders’ Equity

 

 

 

 

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Accounts payable

 

$

65,589

 

 

$

57,717

 

 

$

50,897

 

Accrued and other liabilities

 

 

48,536

 

 

 

24,390

 

 

 

25,346

 

Current portion of operating lease liabilities

 

 

47,712

 

 

 

48,794

 

 

 

48,984

 

Total Current Liabilities

 

 

161,837

 

 

 

130,901

 

 

 

125,227

 

Long-term portion of operating lease liabilities

 

 

177,354

 

 

 

182,622

 

 

 

179,335

 

Deferred compensation

 

 

11,941

 

 

 

16,008

 

 

 

14,600

 

Other

 

 

2,831

 

 

 

3,040

 

 

 

964

 

Total Liabilities

 

 

353,963

 

 

 

332,571

 

 

 

320,126

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

79,295

 

 

 

78,737

 

 

 

77,963

 

Retained earnings

 

 

534,902

 

 

 

406,655

 

 

 

400,505

 

Treasury stock, at cost, 12,883,917 shares, 12,839,472

   shares and 12,842,062 shares, respectively

 

 

(182,061

)

 

 

(175,626

)

 

 

(175,661

)

Total Shareholders’ Equity

 

 

432,546

 

 

 

310,176

 

 

 

303,217

 

Total Liabilities and Shareholders’ Equity

 

$

786,509

 

 

$

642,747

 

 

$

623,343

 

 

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

October 30, 2021

 

 

Thirteen

Weeks Ended

October 31, 2020

 

 

Thirty-nine

Weeks Ended

October 30, 2021

 

 

Thirty-nine

Weeks Ended

October 31, 2020

 

Net sales

 

$

356,336

 

 

$

274,579

 

 

$

1,017,023

 

 

$

722,868

 

Cost of sales (including buying, distribution

   and occupancy costs)

 

 

212,280

 

 

 

186,818

 

 

 

607,057

 

 

 

521,038

 

Gross profit

 

 

144,056

 

 

 

87,761

 

 

 

409,966

 

 

 

201,830

 

Selling, general and administrative expenses

 

 

81,632

 

 

 

67,598

 

 

 

230,225

 

 

 

190,530

 

Operating income

 

 

62,424

 

 

 

20,163

 

 

 

179,741

 

 

 

11,300

 

Interest income

 

 

(8

)

 

 

(2

)

 

 

(14

)

 

 

(95

)

Interest expense

 

 

120

 

 

 

119

 

 

 

358

 

 

 

293

 

Income before income taxes

 

 

62,312

 

 

 

20,046

 

 

 

179,397

 

 

 

11,102

 

Income tax expense

 

 

15,476

 

 

 

5,368

 

 

 

45,107

 

 

 

2,554

 

Net income

 

$

46,836

 

 

$

14,678

 

 

$

134,290

 

 

$

8,548

 

Net income per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

1.66

 

 

$

0.52

 

 

$

4.75

 

 

$

0.30

 

Diluted

 

$

1.64

 

 

$

0.51

 

 

$

4.69

 

 

$

0.30

 

Weighted average shares:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

28,192

 

 

 

28,180

 

 

 

28,257

 

 

 

28,113

 

Diluted

 

 

28,547

 

 

 

28,533

 

 

 

28,607

 

 

 

28,450

 

 

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 July 31, 2021

 

 

41,049

 

 

 

(12,811

)

 

$

410

 

 

$

78,330

 

 

$

490,069

 

 

$

(178,897

)

 

$

389,912

 

Dividends declared ($0.070 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,003

)

 

 

 

 

 

 

(2,003

)

Employee stock purchase plan purchases

 

 

 

 

 

 

1

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

16

 

 

 

30

 

Stock-based compensation awards

 

 

 

 

 

 

30

 

 

 

 

 

 

 

(410

)

 

 

 

 

 

 

410

 

 

 

0

 

Shares surrendered by employees to pay taxes

   on stock-based compensation awards

 

 

 

 

 

 

(12

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(414

)

 

 

(414

)

Purchase of common stock for treasury

 

 

 

 

 

 

(92

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,176

)

 

 

(3,176

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,361

 

 

 

 

 

 

 

 

 

 

 

1,361

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

46,836

 

 

 

 

 

 

 

46,836

 

Balance at October 30, 2021

 

 

41,049

 

 

 

(12,884

)

 

$

410

 

 

$

79,295

 

 

$

534,902

 

 

$

(182,061

)

 

$

432,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at August 1, 2020

 

 

41,049

 

 

 

(12,847

)

 

$

410

 

 

$

77,183

 

 

$

387,119

 

 

$

(175,725

)

 

$

288,987

 

Dividends declared ($0.045 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,292

)

 

 

 

 

 

 

(1,292

)

Employee stock purchase plan purchases

 

 

 

 

 

 

4

 

 

 

 

 

 

 

1

 

 

 

 

 

 

 

46

 

 

 

47

 

Stock-based compensation awards

 

 

 

 

 

 

1

 

 

 

 

 

 

 

(27

)

 

 

 

 

 

 

27

 

 

 

0

 

Shares surrendered by employees to pay taxes

   on stock-based compensation awards

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9

)

 

 

(9

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

806

 

 

 

 

 

 

 

 

 

 

 

806

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,678

 

 

 

 

 

 

 

14,678

 

Balance at October 31, 2020

 

 

41,049

 

 

 

(12,842

)

 

$

410

 

 

$

77,963

 

 

$

400,505

 

 

$

(175,661

)

 

$

303,217

 

 

 

 

 

Thirty-nine 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 30, 2021

 

 

41,049

 

 

 

(12,839

)

 

$

410

 

 

$

78,737

 

 

$

406,655

 

 

$

(175,626

)

 

$

310,176

 

Dividends declared ($0.210 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(6,043

)

 

 

 

 

 

 

(6,043

)

Employee stock purchase plan purchases

 

 

 

 

 

 

4

 

 

 

 

 

 

 

60

 

 

 

 

 

 

 

62

 

 

 

122

 

Stock-based compensation awards

 

 

 

 

 

 

248

 

 

 

 

 

 

 

(3,400

)

 

 

 

 

 

 

3,400

 

 

 

0

 

Shares surrendered by employees to pay taxes

   on stock-based compensation awards

 

 

 

 

 

 

(88

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(2,750

)

 

 

(2,750

)

Purchase of common stock for treasury

 

 

 

 

 

 

(209

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,147

)

 

 

(7,147

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,898

 

 

 

 

 

 

 

 

 

 

 

3,898

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

134,290

 

 

 

 

 

 

 

134,290

 

Balance at October 30, 2021

 

 

41,049

 

 

 

(12,884

)

 

$

410

 

 

$

79,295

 

 

$

534,902

 

 

$

(182,061

)

 

$

432,546

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at February 1, 2020

 

 

41,049

 

 

 

(13,034

)

 

$

410

 

 

$

79,773

 

 

$

395,761

 

 

$

(178,581

)

 

$

297,363

 

Dividends declared ($0.133 per share)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(3,804

)

 

 

 

 

 

 

(3,804

)

Employee stock purchase plan purchases

 

 

 

 

 

 

14

 

 

 

 

 

 

 

(37

)

 

 

 

 

 

 

189

 

 

 

152

 

Stock-based compensation awards

 

 

 

 

 

 

322

 

 

 

 

 

 

 

(4,467

)

 

 

 

 

 

 

4,467

 

 

 

0

 

Shares surrendered by employees to pay taxes

   on stock-based compensation awards

 

 

 

 

 

 

(144

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(1,736

)

 

 

(1,736

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,694

 

 

 

 

 

 

 

 

 

 

 

2,694

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,548

 

 

 

 

 

 

 

8,548

 

Balance at October 31, 2020

 

 

41,049

 

 

 

(12,842

)

 

$

410

 

 

$

77,963

 

 

$

400,505

 

 

$

(175,661

)

 

$

303,217

 

See notes to Condensed Consolidated Financial Statements.

5


SHOE CARNIVAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

Unaudited

 

(In thousands)

 

Thirty-nine

Weeks Ended

October 30, 2021

 

 

Thirty-nine

Weeks Ended

October 31, 2020

 

Cash Flows From Operating Activities

 

 

 

 

 

 

 

 

Net income

 

$

134,290

 

 

$

8,548

 

Adjustments to reconcile net income to net cash

    provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

13,687

 

 

 

12,034

 

Stock-based compensation

 

 

4,118

 

 

 

2,881

 

Loss on retirement and impairment of assets

 

 

1,120

 

 

 

2,427

 

Deferred income taxes

 

 

2,482

 

 

 

1,550

 

Non-cash operating lease expense

 

 

31,797

 

 

 

31,087

 

Other

 

 

1,950

 

 

 

494

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(2,922

)

 

 

(5,711

)

Merchandise inventories

 

 

(48,748

)

 

 

(14,769

)

Operating leases

 

 

(34,018

)

 

 

(26,673

)

Accounts payable and accrued liabilities