Shoe Carnival announced plans to permanently close roughly 24 underperforming stores over the next two fiscal years after admitting its shift toward higher-priced merchandise alienated value-focused customers. Interim President and CEO Clifton E. Sifford said the company expects to close 12 to 14 stores during fiscal 2026 and a further 6 to 10 stores during fiscal 2027, while also planning to open 3 to 5 new stores in fiscal 2027 and 8 to 10 in fiscal 2028. The retailer reported net income of $52.3 million for fiscal 2025, down from $73.8 million in fiscal 2024, and net sales declined 5.6% year over year. Sifford acknowledged that reengaging value-focused families and fast-fashion-forward customers will take longer than a single quarter, and the company has abandoned its earlier plan to rebanner all legacy stores to Shoe Station, instead operating both banners as permanent independent components of its portfolio.
Shoe Station Group Inc.Shoe Carnival's pricing mistake alienated customers, leading to store closures and declining sales.
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