SHOE CARNIVAL INC, 10-Q filed on 6/5/2026
Quarterly Report
v3.26.1
Document and Entity Information - shares
 3 Months Ended
May 02, 2026
May 29, 2026
Cover [Abstract]    
Document Type 10-Q  
Amendment Flag false  
Document Period End Date May 02, 2026  
Entity Registrant Name Shoe Carnival, Inc.  
Entity Central Index Key 0000895447  
Trading Symbol SCVL  
Current Fiscal Year End Date --01-30  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Filer Category Accelerated Filer  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Shell Company false  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Common Stock, Shares Outstanding   27,151,308
Entity File Number 0-21360  
Entity Incorporation, State or Country Code IN  
Entity Tax Identification Number 35-1736614  
Title of 12(b) Security Common Stock, par value $0.01 per share  
Security Exchange Name NASDAQ  
Entity Address, Address Line One 1800 Innovation Point, 5th Floor  
Entity Address, City or Town Fort Mill  
Entity Address, State or Province SC  
Entity Address, Postal Zip Code 29715  
City Area Code 803  
Local Phone Number 650-4600  
Document Quarterly Report true  
Document Transition Report false  
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Thousands
May 02, 2026
Jan. 31, 2026
May 03, 2025
Current Assets:      
Cash and cash equivalents $ 116,100 $ 117,091 $ 78,476
Marketable securities 13,248 13,636 14,477
Accounts receivable 6,716 6,370 8,745
Merchandise inventories 417,177 439,638 428,424
Other 17,681 19,402 18,509
Total Current Assets 570,922 596,137 548,631
Property and equipment – net 177,859 185,610 178,424
Operating lease right-of-use assets 340,263 349,582 341,815
Intangible assets 40,911 40,923 40,956
Goodwill 18,018 18,018 18,018
Other noncurrent assets 11,102 11,473 12,314
Total Assets 1,159,075 1,201,743 1,140,158
Current Liabilities:      
Accounts payable 65,287 79,170 66,592
Accrued and other liabilities 18,858 21,199 24,699
Current portion of operating lease liabilities 57,805 58,057 58,355
Total Current Liabilities 141,950 158,426 149,646
Long-term portion of operating lease liabilities 303,396 313,368 306,987
Deferred income taxes 26,621 26,879 19,624
Deferred compensation 12,682 12,114 9,539
Other 1,026 1,290 781
Total Liabilities 485,675 512,077 486,577
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 92,082 93,129 87,921
Retained earnings 798,371 808,807 778,517
Treasury stock, at cost, 13,897,882 shares, 13,674,916 shares and 13,713,457 shares, respectively (217,463) (212,680) (213,267)
Total Shareholders’ Equity 673,400 689,666 653,581
Total Liabilities and Shareholders’ Equity $ 1,159,075 $ 1,201,743 $ 1,140,158
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares
May 02, 2026
Jan. 31, 2026
May 03, 2025
Statement of Financial Position [Abstract]      
Common stock, par value per share $ 0.01 $ 0.01 $ 0.01
Common stock, shares authorized 50,000,000 50,000,000 50,000,000
Common stock, shares issued 41,049,190 41,049,190 41,049,190
Treasury stock, shares 13,897,882 13,674,916 13,713,457
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Income Statement [Abstract]    
Net sales $ 270,730 $ 277,715
Cost of sales (including buying, distribution and occupancy costs) 180,629 181,938
Gross profit 90,101 95,777
Selling, general and administrative expenses 96,138 83,812
Operating (loss) income (6,037) 11,965
Interest income (1,062) (1,103)
Interest expense 85 78
(Loss) income before income taxes (5,060) 12,990
Income tax expense 568 3,647
Net (loss) income $ (5,628) $ 9,343
Net (loss) income per share:    
Basic $ (0.21) $ 0.34
Diluted $ (0.21) $ 0.34
Weighted average shares:    
Basic 27,387 27,233
Diluted 27,387 27,476
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) - USD ($)
$ in Thousands
Total
Common Stock
Treasury Stock
Additional Paid-In Capital
Retained Earnings
Balance at Feb. 01, 2025 $ 648,996 $ 410 $ (215,138) $ 90,371 $ 773,353
Balance, shares at Feb. 01, 2025   41,049,000      
Balance, shares at Feb. 01, 2025     (13,875,000)    
Dividends declared (4,179)       (4,179)
Employee stock purchase plan purchases 48   $ 40 8  
Employee stock purchase plan purchases, shares     3,000    
Stock-based compensation awards 0   $ 4,004 (4,004)  
Stock-based compensation awards, shares     258,000    
Shares surrendered by employees to pay taxes on stock-based compensation awards (2,173)   $ (2,173)    
Shares surrendered by employees to pay taxes on stock-based compensation awards, shares     (99,000)    
Stock-based compensation expense 1,546     1,546  
Net income 9,343       9,343
Balance at May. 03, 2025 $ 653,581 $ 410 $ (213,267) 87,921 778,517
Balance, shares at May. 03, 2025   41,049,000      
Balance, shares at May. 03, 2025 13,713,457   (13,713,000)    
Balance at Jan. 31, 2026 $ 689,666 $ 410 $ (212,680) 93,129 808,807
Balance, shares at Jan. 31, 2026   41,049,000      
Balance, shares at Jan. 31, 2026 13,674,916   (13,675,000)    
Dividends declared $ (4,808)       (4,808)
Employee stock purchase plan purchases 46   $ 54 (8)  
Employee stock purchase plan purchases, shares     4,000    
Stock-based compensation awards 0   $ 4,412 (4,412)  
Stock-based compensation awards, shares     283,000    
Shares surrendered by employees to pay taxes on stock-based compensation awards (2,247)   $ (2,247)    
Shares surrendered by employees to pay taxes on stock-based compensation awards, shares     (120,000)    
Purchase of common stock for Treasury (7,002)   $ (7,002)    
Purchase of common stock for treasury, shares     (390,000)    
Stock-based compensation expense 3,373     3,373  
Net income (5,628)       (5,628)
Balance at May. 02, 2026 $ 673,400 $ 410 $ (217,463) $ 92,082 $ 798,371
Balance, shares at May. 02, 2026   41,049,000      
Balance, shares at May. 02, 2026 13,897,882   (13,898,000)    
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Unaudited) (Parenthetical) - $ / shares
 3 Months Ended
May 02, 2026
May 03, 2025
Statement of Stockholders' Equity [Abstract]    
Dividends declared per share $ 0.17 $ 0.15
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Cash Flows From Operating Activities    
Net Income (Loss) $ (5,628) $ 9,343
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities:    
Depreciation and amortization 9,017 8,335
Stock-based compensation 3,373 1,546
Loss (Gain) on retirement and impairment of assets, net 8,202 596
Deferred income taxes (258) 745
Non-cash operating lease expense 13,215 15,876
Other 142 317
Changes in operating assets and liabilities:    
Accounts receivable (347) 272
Merchandise inventories 22,461 (42,819)
Operating leases (14,119) (16,789)
Accounts payable and accrued liabilities (13,538) 12,256
Other 559 685
Net cash provided by operating activities 23,079 (9,637)
Cash Flows From Investing Activities    
Purchases of property and equipment (10,435) (13,346)
Investments in marketable securities (12) (678)
Sales of marketable securities and other 600 0
Net cash used in investing activities (9,847) (14,024)
Cash Flows From Financing Activities    
Proceeds from issuance of stock 46 48
Dividends paid (5,016) (4,418)
Purchase of common stock for treasury (7,002) 0
Shares surrendered by employees to pay taxes on stock-based compensation awards (2,247) (2,173)
Other (4) 0
Net cash used in financing activities (14,223) (6,543)
Net decrease in cash and cash equivalents (991) (30,204)
Cash and cash equivalents at beginning of period 117,091 108,680
Cash and cash equivalents at end of period 116,100 78,476
Supplemental disclosures of cash flow information:    
Capital expenditures incurred but not yet paid 981 1,856
Dividends declared but not yet paid $ 486 $ 388
v3.26.1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Pay vs Performance Disclosure    
Net Income (Loss) $ (5,628) $ 9,343
v3.26.1
Insider Trading Arrangements
 3 Months Ended
May 02, 2026
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.26.1
Basis of Presentation
 3 Months Ended
May 02, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Basis of Presentation

Note 1 – Basis of Presentation

These unaudited Condensed Consolidated Financial statements include the accounts of Shoe Carnival, Inc. and its wholly-owned subsidiaries Rogan Shoes, Incorporated (“Rogan’s”), SCHC, Inc. and Shoe Carnival Ventures, LLC, and SCLC, Inc., a wholly-owned subsidiary of SCHC, Inc. (collectively referred to as “we”, “our”, “us” or the “Company”). All intercompany accounts and transactions have been eliminated. We are one of the nation’s largest omnichannel family footwear retailers, selling footwear and related products through our retail stores located in 35 states within the continental United States and in Puerto Rico, as well as through our e-commerce sales channel.

 

On November 13, 2025, we announced that our Board of Directors (or “Board”) unanimously approved changing our corporate name to Shoe Station Group, Inc., subject to shareholder approval at our Annual Meeting of Shareholders on June 10, 2026.

In our opinion, the accompanying unaudited Condensed Consolidated Financial Statements and notes have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the “SEC”) for interim financial information and contain all normal recurring adjustments necessary to fairly present our financial position and the results of our operations and our cash flows for the periods presented. Certain information and disclosures normally included in the notes to Condensed Consolidated Financial Statements have been condensed or omitted as permitted by the rules and regulations of the SEC although we believe that the disclosures are adequate to make the information presented not misleading. The results of operations for the interim periods are not necessarily indicative of the results to be expected for the full year. The unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited Consolidated Financial Statements and the notes thereto contained in our Annual Report on Form 10-K for the fiscal year ended January 31, 2026.
v3.26.1
CEO Transition and Related Strategic Review
 3 Months Ended
May 02, 2026
CEO Transition and Related Strategic Review [Abstract]  
CEO Transition and Related Strategic Review

Note 2 - CEO Transition and Related Strategic Review

 

Following the departure of Mark J. Worden from his position as our President and Chief Executive Officer and his resignation from our Board on February 24, 2026, our Board appointed Clifton E. Sifford to serve as our Interim President and Chief Executive Officer. Mr. Sifford continues to also serve as the Vice Chairman of our Board. Mr. Worden’s departure was not due to any disagreement with the Company on any matter relating to its operations, policies or practices.

 

Mr. Worden’s departure was treated as a termination without cause pursuant to his Amended and Restated Employment and Noncompetition Agreement, dated as of November 1, 2024. Payments to Mr. Worden included 168,184 shares of our common stock for the settlement of outstanding equity awards whose vesting accelerated upon his termination without cause and a cash payment of $4.8 million. Payments to Mr. Worden and other related costs incurred, net of accruals for incentive and stock-based compensation as of January 31, 2026, resulted in a charge of $5.3 million in the thirteen weeks ended May 2, 2026. The tax deductibility of the payments made to Mr. Worden was limited by the Internal Revenue Code and increased our income tax expense by approximately $1.6 million. The impact on our Diluted Net Loss per Share in the thirteen weeks ended May 2, 2026 was $0.20.

 

Following this CEO transition, we undertook a review of our previously announced rebanner program, under which we were converting Shoe Carnival locations into Shoe Station locations, as well as our broader strategic direction. We completed our review during the thirteen weeks ended May 2, 2026 and determined that:

•
While our proposed corporate name change to Shoe Station Group, Inc. reflects the Board’s conviction that the Shoe Station concept is our primary long-term growth vehicle, we are no longer pursuing a single-banner Shoe Station strategy. The Shoe Carnival and Shoe Station banners will each serve distinct consumer segments, and we believe the Company is best positioned to operate both banners as permanent, independent components of our portfolio.
•
Only a limited number of additional Shoe Carnival locations meet the criteria for conversion to our Shoe Station banner. However, we continue to feel confident about growth opportunities for the Shoe Station banner through new store growth in markets that serve the target customer.
•
There are underperforming stores within our store fleet that we do not believe have a path to acceptable economics, with or without banner conversion. We expect to close 12 to 14 such stores during Fiscal 2026 and a further six to 10 stores during Fiscal 2027.

 

These decisions resulted in store level long-lived asset impairments, other Property and Equipment write-offs and other charges totaling approximately $8.3 million, or $0.23 per diluted share in the thirteen weeks ended May 2, 2026.

When combined with the CEO transition costs, these charges increased our Selling, General and Administrative Expenses (“SG&A”) in the thirteen weeks ended May 2, 2026 by $13.6 million and increased our Net Loss and Diluted Net Loss per Share by $11.9 million and $0.43, respectively.
v3.26.1
Net (Loss) Income Per Share
 3 Months Ended
May 02, 2026
Earnings Per Share, Basic [Abstract]  
Net (Loss) Income Per Share

Note 3 - Net (Loss) Income Per Share

The following table sets forth the computation of Basic and Diluted Net (Loss) Income per Share as shown on the face of the accompanying Condensed Consolidated Statements of Income:

 

 

 

Thirteen Weeks Ended

 

 

 

May 2, 2026

 

 

May 3, 2025

 

 

 

 

 

 

(In thousands, except per share data)

 

 

 

 

Basic Net (Loss) Income per Share:

 

Net
(Loss) Income

 

 

Shares

 

 

Per Share
Amount

 

 

Net
(Loss) Income

 

 

Shares

 

 

Per Share
Amount

 

Net (loss) income available for basic common shares
   and basic net (loss) income per share

 

$

(5,628

)

 

 

27,387

 

 

$

(0.21

)

 

$

9,343

 

 

 

27,233

 

 

$

0.34

 

Diluted Net (Loss) Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(5,628

)

 

 

 

 

 

 

 

$

9,343

 

 

 

 

 

 

 

Conversion of stock-based compensation
   arrangements

 

 

0

 

 

 

0

 

 

 

 

 

 

0

 

 

 

243

 

 

 

 

Net (loss) income available for diluted common
   shares and diluted net (loss) income per share

 

$

(5,628

)

 

 

27,387

 

 

$

(0.21

)

 

$

9,343

 

 

 

27,476

 

 

$

0.34

 

The computation of Basic Net (Loss) Income per Share is based on the weighted average number of common shares outstanding during the period. The computation of Diluted Net (Loss) Income per Share is based on the weighted average number of shares outstanding plus the dilutive incremental shares that would be outstanding assuming the vesting of stock-based compensation arrangements involving restricted stock, restricted stock units and performance stock units. During the thirteen weeks ended May 2, 2026, approximately 246,000 unvested stock-based awards were excluded from the computation because the impact would have been anti-dilutive. During the thirteen weeks ended May 3, 2025, approximately 10,000 unvested stock-based awards were excluded from the computation of Diluted Net Income per Share because the impact would have been anti-dilutive.

v3.26.1
Recently Issued Accounting Pronouncements
 3 Months Ended
May 02, 2026
Accounting Standards Update and Change in Accounting Principle [Abstract]  
Recently Issued Accounting Pronouncements

Note 4 - Recently Issued Accounting Pronouncements

In November 2024, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses. The guidance requires new financial statement disclosures in tabular format, disaggregating information about prescribed categories underlying any relevant income statement expense caption. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments in the ASU should be applied on a prospective basis, but retrospective application is permitted. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and related disclosures.

In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40). The guidance provides targeted improvements to the accounting for internal-use software. The guidance is effective for fiscal years beginning after December 15, 2027, and interim periods within those annual reporting periods. Early adoption is permitted. The amendments in the ASU can be applied on a prospective transition approach, a modified transition approach that is based on the status of the project and whether software costs were capitalized before the date of adoption, or a retrospective transition approach. We are currently evaluating the impact of this guidance on our Consolidated Financial Statements and related disclosures.

In December 2025, the FASB issued ASU 2025-11, Interim Reporting (Topic 270): Narrow-Scope Improvements. The guidance amends certain requirements related to interim reporting and associated disclosures. The amendments are intended to enhance transparency and consistency of information provided in interim financial statements. We are currently evaluating the provisions of this guidance and the timing of adoption. Based on our preliminary assessment, we do not expect the adoption of this guidance, which is required for periods beginning after December 15, 2027, to have a material impact on our consolidated financial statements and related disclosures.
v3.26.1
Fair Value Measurements
 3 Months Ended
May 02, 2026
Fair Value Disclosures [Abstract]  
Fair Value Measurements

Note 5 - Fair Value Measurements

Financial Instruments

The following table presents financial instruments that are measured at fair value on a recurring basis at May 2, 2026, January 31, 2026 and May 3, 2025:

 

 

 

Fair Value Measurements

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of May 2, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents - money market mutual funds

 

$

101,610

 

 

$

0

 

 

$

0

 

 

$

101,610

 

Marketable securities - mutual funds that fund
    deferred compensation

 

 

13,248

 

 

 

0

 

 

 

0

 

 

 

13,248

 

Total

 

$

114,858

 

 

$

0

 

 

$

0

 

 

$

114,858

 

As of January 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents - money market mutual funds

 

$

109,149

 

 

$

0

 

 

$

0

 

 

$

109,149

 

Marketable securities - mutual funds that fund
    deferred compensation

 

 

13,636

 

 

 

0

 

 

 

0

 

 

 

13,636

 

Total

 

$

122,785

 

 

$

0

 

 

$

0

 

 

$

122,785

 

As of May 3, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents - money market mutual funds

 

$

68,330

 

 

$

0

 

 

$

0

 

 

$

68,330

 

Marketable securities - mutual funds that fund
    deferred compensation

 

 

14,477

 

 

 

0

 

 

 

0

 

 

 

14,477

 

Total

 

$

82,807

 

 

$

0

 

 

$

0

 

 

$

82,807

 

We invest in publicly traded mutual funds with readily determinable fair values. These Marketable Securities are designed to mitigate volatility in our Consolidated Statements of Income associated with our non-qualified deferred compensation plan. As of May 2, 2026, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan. To the extent there is a variation in invested funds compared to the total non-qualified deferred compensation plan liability, such fund variance is managed through a stable value mutual fund. We classify these Marketable Securities as current assets because we have the ability to convert the securities into cash at our discretion and these Marketable Securities are not held in a rabbi trust. Changes in these Marketable Securities and deferred compensation plan liabilities are charged to SG&A.

Contingent Consideration

The following table presents liabilities that are measured at fair value on a recurring basis at May 2, 2026, January 31, 2026 and May 3, 2025:

 

 

 

Fair Value Measurements

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of May 2, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

0

 

 

$

0

 

 

$

459

 

 

$

459

 

Total

 

$

0

 

 

$

0

 

 

$

459

 

 

$

459

 

As of January 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

0

 

 

$

0

 

 

$

451

 

 

$

451

 

Total

 

$

0

 

 

$

0

 

 

$

451

 

 

$

451

 

As of May 3, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

0

 

 

$

0

 

 

$

401

 

 

$

401

 

Total

 

$

0

 

 

$

0

 

 

$

401

 

 

$

401

 

 

 

Deferred Compensation Plan Liabilities and Related Marketable Securities

The following tables present the balances and activity of the Company’s deferred compensation plan liabilities and related Marketable Securities:

 

(In thousands)

 

May 2, 2026

 

 

January 31, 2026

 

 

May 3, 2025

 

Deferred compensation plan current liabilities

 

$

206

 

 

$

1,235

 

 

$

4,266

 

Deferred compensation plan long-term liabilities

 

 

12,682

 

 

 

12,114

 

 

 

9,539

 

Total deferred compensation plan liabilities

 

$

12,888

 

 

$

13,349

 

 

$

13,805

 

Marketable securities - mutual funds that fund deferred compensation

 

$

13,248

 

 

$

13,636

 

 

$

14,477

 

 

(In thousands)

 

Thirteen
Weeks Ended
 May 2, 2026

 

 

Thirteen
Weeks Ended
 May 3, 2025

 

Deferred compensation liabilities

 

 

 

 

 

 

   Employer contributions, net

 

$

111

 

 

$

114

 

   Investment earnings (losses)

 

 

220

 

 

 

(436

)

Marketable Securities

 

 

 

 

 

 

Mark-to-market (gains) losses (1)

 

 

(211

)

 

 

605

 

Net deferred compensation expense

 

$

120

 

 

$

283

 

(1) Included in the mark-to-market activity related to equity securities still held at quarter-end, we recognized an unrealized gain of $116,000 and an unrealized loss of $94,000 for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.

The fair values of Cash and Cash Equivalents, Accounts Receivable, Accounts Payable and Accrued and Other Liabilities approximate their carrying values because of their short-term nature.

Long-Lived Asset Impairment Testing

We periodically evaluate our long-lived assets for impairment if events or circumstances indicate that the carrying value may not be recoverable. The carrying value of long-lived assets is considered impaired when the carrying value of the assets exceeds the expected future cash flows to be derived from their use. Assets are grouped, and the evaluation is performed, at the lowest level for which there are identifiable cash flows, which is generally at a store level. Store level asset groupings typically include Property and Equipment and Operating Lease Right-of-Use Assets, net of the current and long-term portions of Operating Lease Liabilities. Assets subject to impairment are adjusted to estimated fair value and, if applicable, an impairment loss is recorded in SG&A. If the Operating Lease Right-of-Use Asset is impaired, we would amortize the remaining right-of-use asset on a straight-line basis over the remaining lease term.

We estimate the fair value of our long-lived assets using store specific cash flow assumptions discounted by a rate commensurate with the risk involved with such assets while incorporating marketplace assumptions. Our estimates are derived from an income-based approach considering the cash flows expected over the remaining lease term for each location. These projections are primarily based on management’s estimates of store-level sales, exercise of future lease renewal options and the store’s contribution to cash flows and, by their nature, include judgments about how current initiatives will impact future performance. We estimate the fair value of Operating Lease Right-of-Use Assets using the market value of rents applicable to the leased asset, discounted using the remaining lease term.

External factors, such as the local environment in which the store is located, including store traffic and competition, are evaluated in terms of their effect on sales trends. Changes in sales and operating income assumptions or unfavorable changes in external factors can significantly impact the estimated future cash flows. An increase or decrease in the projected cash flow can significantly impact the fair value of these assets, which may have an effect on the impairment recorded. If actual operating results or market conditions differ from those anticipated, the carrying value of certain of our assets may prove unrecoverable and we may incur additional impairment charges in the future.

 

As described in Note 2 - “CEO Transition and Related Strategic Review”, we recorded $8.3 million in long-lived asset impairment charges, other Property and Equipment write-offs and other charges in our SG&A during the thirteen weeks ended May 2, 2026. Of those charges, $6.3 million were associated with long-lived asset impairments at seven stores. No impairment charges were recorded during the thirteen weeks ended May 3, 2025. No impairments of Operating Lease Right-of-Use Assets were recorded in either of these periods.

v3.26.1
Stock-Based Compensation
 3 Months Ended
May 02, 2026
Share-Based Payment Arrangement, Noncash Expense [Abstract]  
Stock-Based Compensation

Note 6 - Stock-Based Compensation

Stock-based compensation includes share-settled awards issued pursuant to the Shoe Carnival, Inc. Amended and Restated 2017 Equity Incentive Plan in the form of restricted stock units, performance stock units, and restricted and other stock awards. Additionally, we recognize stock-based compensation expense for the discount on shares sold to employees through our Employee Stock Purchase Plan and for cash-settled stock appreciation rights. For the thirteen weeks ended May 2, 2026 and May 3, 2025, stock-based compensation expense was comprised of the following:

 

(In thousands)

 

Thirteen
Weeks Ended
 May 2, 2026

 

 

Thirteen
Weeks Ended
 May 3, 2025

 

Share-settled equity awards

 

$

3,364

 

 

$

1,537

 

Employee Stock Purchase Plan

 

 

9

 

 

 

9

 

Total stock-based compensation expense

 

$

3,373

 

 

$

1,546

 

Income tax benefit at statutory rates

 

$

820

 

 

$

376

 

Additional income tax (shortfall) on vesting of
share-settled awards

 

$

(541

)

 

$

(455

)

As of May 2, 2026, approximately $14.4 million of unrecognized compensation expense remained related to our share-settled equity awards. The cost is expected to be recognized over a weighted average period of approximately 1.9 years.

Share-Settled Equity Awards

The following table summarizes transactions for our restricted stock units and performance stock units:

 

 

 

Number of
Shares

 

 

Weighted-
Average Grant
Date Fair Value

 

Outstanding at January 31, 2026

 

 

796,409

 

 

$

25.67

 

Granted

 

 

531,796

 

 

 

20.16

 

Vested

 

 

(283,448

)

 

 

27.86

 

Forfeited

 

 

(77,944

)

 

 

21.52

 

Outstanding at May 2, 2026

 

 

966,813

 

 

$

22.33

 

The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended May 2, 2026 and May 3, 2025 was $7.9 million and $7.4 million, respectively. The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended May 3, 2025 was $21.64.
v3.26.1
Revenue
 3 Months Ended
May 02, 2026
Revenue from Contract with Customer [Abstract]  
Revenue

Note 7 – Revenue

Disaggregation of Net Sales by Product Category

Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen weeks ended May 2, 2026 and May 3, 2025 were as follows:

 

(In thousands)

 

Thirteen Weeks
Ended May 2, 2026

 

 

Thirteen Weeks
Ended May 3, 2025

 

Non-Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

Women’s

 

$

63,434

 

 

 

24

%

 

$

67,138

 

 

 

24

%

Men’s

 

 

44,197

 

 

 

16

 

 

 

49,122

 

 

 

18

 

Children’s

 

 

20,149

 

 

 

7

 

 

 

19,119

 

 

 

7

 

Total

 

 

127,780

 

 

 

47

 

 

 

135,379

 

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

Women’s

 

 

46,941

 

 

 

18

 

 

 

47,697

 

 

 

17

 

Men’s

 

 

54,252

 

 

 

20

 

 

 

50,101

 

 

 

18

 

Children’s

 

 

27,743

 

 

 

10

 

 

 

29,932

 

 

 

11

 

Total

 

 

128,936

 

 

 

48

 

 

 

127,730

 

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

 

Accessories

 

 

12,756

 

 

 

5

 

 

 

13,357

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

1,258

 

 

 

0

 

 

 

1,249

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

270,730

 

 

 

100

%

 

$

277,715

 

 

 

100

%

Accounting Policy and Performance Obligations

We operate as an omnichannel, family footwear retailer and provide the convenience of shopping at our physical stores or shopping online through our e-commerce platform. As part of our omnichannel strategy, we offer Shoes 2U, a program that enables us to ship product to a customer’s home or selected store if the product is not in stock at a particular store. We also offer “buy online, pick up in store” services for our customers. “Buy online, pick up in store” provides the convenience of local pickup for our customers.

For our physical stores, we satisfy our performance obligation and control is transferred at the point of sale when the customer takes possession of the products. This also includes the “buy online, pick up in store” scenario described above and includes sales made via our Shoes 2U program when customers choose to pick up their goods at a physical store. For sales made through our e-commerce sales channel in which the customer chooses home delivery, we transfer control and recognize revenue when the product is shipped. This also includes sales made via our Shoes 2U program when the customer chooses home delivery.

We offer our customers sales incentives including coupons, discounts, and free merchandise. Sales are recorded net of such incentives and returns and allowances. If an incentive involves free merchandise, that merchandise is recorded as a zero sale and the cost is included in Cost of Sales. Gift card revenue is recognized at the time of redemption. When a customer makes a purchase as part of our rewards program, we allocate the transaction price between the goods purchased and the loyalty reward points and recognize the loyalty revenue based on estimated customer redemptions.

Transaction Price and Payment Terms

The transaction price is the amount of consideration we expect to receive from our customers and is reduced by any stated promotional discounts at the time of purchase. The transaction price may be variable due to terms that permit customers to exchange or return products for a refund. The implicit contract with the customer reflected in the transaction receipt states the final terms of the sale, including the description, quantity, and price of each product purchased. The customer agrees to a stated price in the contract that does not vary over the term of the contract and may include revenue to offset shipping costs. Taxes imposed by governmental authorities such as sales taxes are excluded from Net Sales.

We accept various forms of payment from customers at the point of sale typical for an omnichannel retailer. Payments made for products are generally collected when control passes to the customer, either at the point of sale or at the time the customer order is shipped. For Shoes 2U transactions, customers may order the product at the point of sale. For these transactions, customers pay in advance and unearned revenue is recorded as a contract liability in Accrued and Other Liabilities. We recognize the related revenue when control

has been transferred to the customer (i.e., when the product is picked up by the customer or shipped to the customer). Unearned revenue related to Shoes 2U was not material to our consolidated financial statements at May 2, 2026, January 31, 2026 or May 3, 2025.

Returns and Refunds

We have established an allowance based upon historical experience in order to estimate return and refund transactions. This allowance is recorded as a reduction in sales with a corresponding refund liability recorded in Accrued and Other Liabilities. The estimated cost of Merchandise Inventories is recorded as a reduction to Cost of Sales and an increase in Merchandise Inventories. Approximately $1.1 million of refund liabilities and $545,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, as of May 2, 2026 and January 31, 2026. Approximately $1.1 million of refund liabilities and $726,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, at May 3, 2025.

Contract Liabilities

The issuance of a gift card is recorded as an increase to contract liabilities and a decrease to contract liabilities when a customer redeems a gift card. Estimated breakage is determined based on historical breakage percentages and recognized as revenue based on expected gift card usage. We do not record breakage revenue when escheat liability to relevant jurisdictions exists. At May 2, 2026, January 31, 2026 and May 3, 2025, approximately $1.7 million, $2.0 million and $2.0 million of contract liabilities associated with unredeemed gift cards were recorded in Accrued and Other Liabilities, respectively. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions within two years. Breakage revenue associated with our gift cards recognized in Net Sales was not material to any of the periods presented.

Our Shoe Perks rewards program allows customers to accrue points and provides customers with the opportunity to earn rewards. Points under Shoe Perks are earned primarily by making purchases through any of our omnichannel points of sale. Once a certain threshold of accumulated points is reached, the customer earns a reward certificate, which is redeemable through any of our sales channels.

When a Shoe Perks customer makes a purchase, we allocate the transaction price between the goods purchased and the loyalty reward points earned based on the relative standalone selling price. The portion allocated to the points program is recorded as a contract liability for rewards that are expected to be redeemed. We then recognize revenue based on an estimate of when customers redeem rewards, which incorporates an estimate of points expected to expire using historical rates. During the thirteen weeks ended May 2, 2026 and May 3, 2025, approximately $1.0 million and $920,000, respectively, of loyalty rewards were recognized in Net Sales. At May 2, 2026, January 31, 2026 and May 3, 2025, approximately $697,000, $627,000 and $630,000, respectively, of contract liabilities associated with loyalty rewards were recorded in Accrued and Other Liabilities. We expect the revenue associated with these liabilities to be recognized in proportion to the pattern of customer redemptions in less than one year.

v3.26.1
Segment Reporting
 3 Months Ended
May 02, 2026
Segment Reporting [Abstract]  
Segment Reporting

Note 8 – Segment Reporting

Shoe Carnival, Inc. sells footwear and related merchandise for the family across our retail banners and sales channels. With respect to our omnichannel strategy, our e-commerce sales channel is integrated with our Shoe Carnival and Shoe Station physical store locations across 35 states and Puerto Rico and is fundamentally inseparable in how we serve our target customers.

Our chief operating decision maker (“CODM”) is our Interim President and Chief Executive Officer. The CODM assesses the performance of our single reportable segment and decides how to allocate resources based on Net Income that is also reported on the income statement as our consolidated Net (Loss) Income. The CODM uses Net (Loss) Income to evaluate performance in deciding whether to reinvest profits, facilitate acquisitions or return funds to shareholders through dividends or share repurchases. Net (Loss) Income is used to monitor budget versus actual results and in competitive analysis by benchmarking to our peers and competitors. The benchmarking analysis and the monitoring of budgeted versus actual results are used in assessing our performance and in establishing management’s compensation.

We have concluded that, on the basis of the principles in FASB ASU 2023-07, Segment Reporting (Topic 280), the expenses below require disclosure under the significant expense principle. The CODM does not review assets in evaluating results. Therefore, such

information is not provided. Operating financial results of our segment for the thirteen weeks ended May 2, 2026 and May 3, 2025 were as follows:

(In thousands)

 

Thirteen
Weeks Ended
 May 2, 2026

 

 

Thirteen
Weeks Ended
 May 3, 2025

 

Net sales

 

$

270,730

 

 

$

277,715

 

 Less:

 

 

 

 

 

 

   Merchandise & delivery costs(1)

 

 

157,294

 

 

 

158,845

 

   Store occupancy costs

 

 

23,335

 

 

 

23,093

 

   Store expenses(2)

 

 

37,667

 

 

 

39,486

 

   E-commerce expenses(3)

 

 

3,898

 

 

 

4,357

 

   Advertising

 

 

11,469

 

 

 

11,100

 

   Store depreciation and other selling expenses(4)

 

 

11,185

 

 

 

10,645

 

   General and administrative expenses(5)

 

 

18,314

 

 

 

18,224

 

   CEO transition and strategic review(6)

 

 

13,605

 

 

 

0

 

   Interest income

 

 

(1,062

)

 

 

(1,103

)

   Interest expense

 

 

85

 

 

 

78

 

   Income tax expense

 

 

568

 

 

 

3,647

 

Net (loss) income

 

$

(5,628

)

 

$

9,343

 

 

(1)
Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
(2)
Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
(3)
E-commerce expenses include primarily website maintenance costs and other selling expenses.
(4)
Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
(5)
General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation.
(6)
See Note 2 - “CEO Transition and Related Strategic Review”
v3.26.1
Leases
 3 Months Ended
May 02, 2026
Leases [Abstract]  
Leases

Note 9 – Leases

We lease all of our physical stores, our Evansville, Indiana distribution center, which has a current lease term expiring in 2034, our Fort Mill, South Carolina corporate headquarters and other warehousing space. We also enter into leases of equipment and other assets. Substantially all of our leases are operating leases; however, as a result of the acquisition of Rogan’s, we also acquired certain assets subject to finance leases. The finance lease assets and related current liabilities and noncurrent liabilities were recorded in Other Noncurrent Assets, Accrued and Other Liabilities and Other long-term liabilities, respectively. Leases with terms of twelve months or less are immaterial and are expensed as incurred, and we did not have any leases with related parties or any sublease arrangements with any related party or third party as of May 2, 2026, January 31, 2026 or May 3, 2025.

Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 2, 2026 and May 3, 2025:

 

(In thousands)

 

Thirteen
Weeks Ended
May 2, 2026

 

 

Thirteen
Weeks Ended
May 3, 2025

 

Operating lease cost

 

$

17,968

 

 

$

17,891

 

Variable lease cost

 

 

 

 

 

 

Occupancy costs

 

 

5,621

 

 

 

5,885

 

Percentage rent and other variable lease costs

 

 

498

 

 

 

272

 

Finance lease cost

 

 

 

 

 

 

Amortization of leased assets

 

 

8

 

 

 

8

 

Interest on lease liabilities

 

 

3

 

 

 

3

 

Total

 

$

24,098

 

 

$

24,059

 
v3.26.1
Net (Loss) Income Per Share (Tables)
 3 Months Ended
May 02, 2026
Earnings Per Share [Abstract]  
Schedule of the Computation of Basic and Diluted Net (Loss) Income per Share

The following table sets forth the computation of Basic and Diluted Net (Loss) Income per Share as shown on the face of the accompanying Condensed Consolidated Statements of Income:

 

 

 

Thirteen Weeks Ended

 

 

 

May 2, 2026

 

 

May 3, 2025

 

 

 

 

 

 

(In thousands, except per share data)

 

 

 

 

Basic Net (Loss) Income per Share:

 

Net
(Loss) Income

 

 

Shares

 

 

Per Share
Amount

 

 

Net
(Loss) Income

 

 

Shares

 

 

Per Share
Amount

 

Net (loss) income available for basic common shares
   and basic net (loss) income per share

 

$

(5,628

)

 

 

27,387

 

 

$

(0.21

)

 

$

9,343

 

 

 

27,233

 

 

$

0.34

 

Diluted Net (Loss) Income per Share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net (loss) income

 

$

(5,628

)

 

 

 

 

 

 

 

$

9,343

 

 

 

 

 

 

 

Conversion of stock-based compensation
   arrangements

 

 

0

 

 

 

0

 

 

 

 

 

 

0

 

 

 

243

 

 

 

 

Net (loss) income available for diluted common
   shares and diluted net (loss) income per share

 

$

(5,628

)

 

 

27,387

 

 

$

(0.21

)

 

$

9,343

 

 

 

27,476

 

 

$

0.34

 
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
May 02, 2026
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis

The following table presents financial instruments that are measured at fair value on a recurring basis at May 2, 2026, January 31, 2026 and May 3, 2025:

 

 

 

Fair Value Measurements

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of May 2, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents - money market mutual funds

 

$

101,610

 

 

$

0

 

 

$

0

 

 

$

101,610

 

Marketable securities - mutual funds that fund
    deferred compensation

 

 

13,248

 

 

 

0

 

 

 

0

 

 

 

13,248

 

Total

 

$

114,858

 

 

$

0

 

 

$

0

 

 

$

114,858

 

As of January 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents - money market mutual funds

 

$

109,149

 

 

$

0

 

 

$

0

 

 

$

109,149

 

Marketable securities - mutual funds that fund
    deferred compensation

 

 

13,636

 

 

 

0

 

 

 

0

 

 

 

13,636

 

Total

 

$

122,785

 

 

$

0

 

 

$

0

 

 

$

122,785

 

As of May 3, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents - money market mutual funds

 

$

68,330

 

 

$

0

 

 

$

0

 

 

$

68,330

 

Marketable securities - mutual funds that fund
    deferred compensation

 

 

14,477

 

 

 

0

 

 

 

0

 

 

 

14,477

 

Total

 

$

82,807

 

 

$

0

 

 

$

0

 

 

$

82,807

 
Schedule of Liabilities Measure at Fair Value on Recurring Basis

The following table presents liabilities that are measured at fair value on a recurring basis at May 2, 2026, January 31, 2026 and May 3, 2025:

 

 

 

Fair Value Measurements

 

(In thousands)

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

As of May 2, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

0

 

 

$

0

 

 

$

459

 

 

$

459

 

Total

 

$

0

 

 

$

0

 

 

$

459

 

 

$

459

 

As of January 31, 2026

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

0

 

 

$

0

 

 

$

451

 

 

$

451

 

Total

 

$

0

 

 

$

0

 

 

$

451

 

 

$

451

 

As of May 3, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration

 

$

0

 

 

$

0

 

 

$

401

 

 

$

401

 

Total

 

$

0

 

 

$

0

 

 

$

401

 

 

$

401

 
Schedule of Deferred Compensation Plan Liabilities and Related Marketable Securities

The following tables present the balances and activity of the Company’s deferred compensation plan liabilities and related Marketable Securities:

 

(In thousands)

 

May 2, 2026

 

 

January 31, 2026

 

 

May 3, 2025

 

Deferred compensation plan current liabilities

 

$

206

 

 

$

1,235

 

 

$

4,266

 

Deferred compensation plan long-term liabilities

 

 

12,682

 

 

 

12,114

 

 

 

9,539

 

Total deferred compensation plan liabilities

 

$

12,888

 

 

$

13,349

 

 

$

13,805

 

Marketable securities - mutual funds that fund deferred compensation

 

$

13,248

 

 

$

13,636

 

 

$

14,477

 

 

(In thousands)

 

Thirteen
Weeks Ended
 May 2, 2026

 

 

Thirteen
Weeks Ended
 May 3, 2025

 

Deferred compensation liabilities

 

 

 

 

 

 

   Employer contributions, net

 

$

111

 

 

$

114

 

   Investment earnings (losses)

 

 

220

 

 

 

(436

)

Marketable Securities

 

 

 

 

 

 

Mark-to-market (gains) losses (1)

 

 

(211

)

 

 

605

 

Net deferred compensation expense

 

$

120

 

 

$

283

 

(1) Included in the mark-to-market activity related to equity securities still held at quarter-end, we recognized an unrealized gain of $116,000 and an unrealized loss of $94,000 for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
v3.26.1
Stock-Based Compensation (Tables)
 3 Months Ended
May 02, 2026
Schedule of Stock-based Compensation Expense For the thirteen weeks ended May 2, 2026 and May 3, 2025, stock-based compensation expense was comprised of the following:

 

(In thousands)

 

Thirteen
Weeks Ended
 May 2, 2026

 

 

Thirteen
Weeks Ended
 May 3, 2025

 

Share-settled equity awards

 

$

3,364

 

 

$

1,537

 

Employee Stock Purchase Plan

 

 

9

 

 

 

9

 

Total stock-based compensation expense

 

$

3,373

 

 

$

1,546

 

Income tax benefit at statutory rates

 

$

820

 

 

$

376

 

Additional income tax (shortfall) on vesting of
share-settled awards

 

$

(541

)

 

$

(455

)
Share-settled Equity Awards  
Summary of Restricted Stock Awards Transactions

The following table summarizes transactions for our restricted stock units and performance stock units:

 

 

 

Number of
Shares

 

 

Weighted-
Average Grant
Date Fair Value

 

Outstanding at January 31, 2026

 

 

796,409

 

 

$

25.67

 

Granted

 

 

531,796

 

 

 

20.16

 

Vested

 

 

(283,448

)

 

 

27.86

 

Forfeited

 

 

(77,944

)

 

 

21.52

 

Outstanding at May 2, 2026

 

 

966,813

 

 

$

22.33

 
v3.26.1
Revenue (Tables)
 3 Months Ended
May 02, 2026
Revenue from Contract with Customer [Abstract]  
Schedule of Net Sales and Percentage of Net Sales, Disaggregation by Product Category

Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen weeks ended May 2, 2026 and May 3, 2025 were as follows:

 

(In thousands)

 

Thirteen Weeks
Ended May 2, 2026

 

 

Thirteen Weeks
Ended May 3, 2025

 

Non-Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

Women’s

 

$

63,434

 

 

 

24

%

 

$

67,138

 

 

 

24

%

Men’s

 

 

44,197

 

 

 

16

 

 

 

49,122

 

 

 

18

 

Children’s

 

 

20,149

 

 

 

7

 

 

 

19,119

 

 

 

7

 

Total

 

 

127,780

 

 

 

47

 

 

 

135,379

 

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

 

Athletics:

 

 

 

 

 

 

 

 

 

 

 

 

Women’s

 

 

46,941

 

 

 

18

 

 

 

47,697

 

 

 

17

 

Men’s

 

 

54,252

 

 

 

20

 

 

 

50,101

 

 

 

18

 

Children’s

 

 

27,743

 

 

 

10

 

 

 

29,932

 

 

 

11

 

Total

 

 

128,936

 

 

 

48

 

 

 

127,730

 

 

 

46

 

 

 

 

 

 

 

 

 

 

 

 

 

Accessories

 

 

12,756

 

 

 

5

 

 

 

13,357

 

 

 

5

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

1,258

 

 

 

0

 

 

 

1,249

 

 

 

0

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

$

270,730

 

 

 

100

%

 

$

277,715

 

 

 

100

%
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
May 02, 2026
Segment Reporting [Abstract]  
Schedule of Operating Financial Results of our Segment Operating financial results of our segment for the thirteen weeks ended May 2, 2026 and May 3, 2025 were as follows:

(In thousands)

 

Thirteen
Weeks Ended
 May 2, 2026

 

 

Thirteen
Weeks Ended
 May 3, 2025

 

Net sales

 

$

270,730

 

 

$

277,715

 

 Less:

 

 

 

 

 

 

   Merchandise & delivery costs(1)

 

 

157,294

 

 

 

158,845

 

   Store occupancy costs

 

 

23,335

 

 

 

23,093

 

   Store expenses(2)

 

 

37,667

 

 

 

39,486

 

   E-commerce expenses(3)

 

 

3,898

 

 

 

4,357

 

   Advertising

 

 

11,469

 

 

 

11,100

 

   Store depreciation and other selling expenses(4)

 

 

11,185

 

 

 

10,645

 

   General and administrative expenses(5)

 

 

18,314

 

 

 

18,224

 

   CEO transition and strategic review(6)

 

 

13,605

 

 

 

0

 

   Interest income

 

 

(1,062

)

 

 

(1,103

)

   Interest expense

 

 

85

 

 

 

78

 

   Income tax expense

 

 

568

 

 

 

3,647

 

Net (loss) income

 

$

(5,628

)

 

$

9,343

 

 

(1)
Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
(2)
Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
(3)
E-commerce expenses include primarily website maintenance costs and other selling expenses.
(4)
Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
(5)
General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation.
(6)
See Note 2 - “CEO Transition and Related Strategic Review”
v3.26.1
Leases (Tables)
 3 Months Ended
May 02, 2026
Leases [Abstract]  
Schedule of Lease Related Costs

Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 2, 2026 and May 3, 2025:

 

(In thousands)

 

Thirteen
Weeks Ended
May 2, 2026

 

 

Thirteen
Weeks Ended
May 3, 2025

 

Operating lease cost

 

$

17,968

 

 

$

17,891

 

Variable lease cost

 

 

 

 

 

 

Occupancy costs

 

 

5,621

 

 

 

5,885

 

Percentage rent and other variable lease costs

 

 

498

 

 

 

272

 

Finance lease cost

 

 

 

 

 

 

Amortization of leased assets

 

 

8

 

 

 

8

 

Interest on lease liabilities

 

 

3

 

 

 

3

 

Total

 

$

24,098

 

 

$

24,059

 
v3.26.1
Basis of Presentation - Narrative (Details)
May 02, 2026
State
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Number of states in which entity operates 35
v3.26.1
CEO Transition and Related Strategic Review - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended
May 02, 2026
USD ($)
Store
$ / shares
shares
May 03, 2025
USD ($)
$ / shares
shares
Jan. 29, 2028
Store
Jan. 30, 2027
Store
Jan. 31, 2026
shares
CEO Transition and Related Strategic Review [Line Item]          
Common stock, shares issued | shares 41,049,190 41,049,190     41,049,190
Income tax expense $ 568 $ 3,647      
Diluted net loss $ (5,628) $ 9,343      
Number of stores expect to close | Store 7        
Diluted net loss per share | $ / shares $ (0.21) $ 0.34      
CEO transition costs [1] $ 13,605 $ 0      
Selling, General and Administrative Expenses          
CEO Transition and Related Strategic Review [Line Item]          
Long-lived asset impairments, other property and equipment write-offs and other charges $ 8,300        
Chief Executive Officer          
CEO Transition and Related Strategic Review [Line Item]          
Common stock, shares issued | shares 168,184        
Incentive and stock-based compensation payments $ 4,800        
Income tax expense 1,600        
Net of accruals for incentive and stock-based compensation 5,300        
Diluted net loss (11,900)        
Long-lived asset impairments, other property and equipment write-offs and other charges $ 8,300        
Net loss per diluted share | $ / shares $ (0.2)        
Diluted per share | $ / shares 0.23        
Diluted net loss per share | $ / shares $ (0.43)        
Chief Executive Officer | Selling, General and Administrative Expenses          
CEO Transition and Related Strategic Review [Line Item]          
CEO transition costs $ 13,600        
Chief Executive Officer | Minimum | Forecast          
CEO Transition and Related Strategic Review [Line Item]          
Number of stores expect to close | Store     6 12  
Chief Executive Officer | Maximum | Forecast          
CEO Transition and Related Strategic Review [Line Item]          
Number of stores expect to close | Store     10 14  
[1] See Note 2 - “CEO Transition and Related Strategic Review”
v3.26.1
Acquisition of Rogan Shoes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Business Acquisition [Line Items]    
Net sales $ 270,730 $ 277,715
v3.26.1
Acquisition of Rogan Shoes - Schedule of Purchase Price and Allocation of Purchase Price to Fair Value of Assets Acquired and Liabilities Assumed (Details) - USD ($)
$ in Thousands
May 02, 2026
Jan. 31, 2026
May 03, 2025
Identifiable intangible assets:      
Goodwill $ 18,018 $ 18,018 $ 18,018
v3.26.1
Net (Loss) Income per Share - Schedule of Net (Loss) Income per Share (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Basic Net (Loss) Income per Share:    
Net (loss) income available for basic common shares and basic net (loss) income per share $ (5,628) $ 9,343
Basic, Shares 27,387 27,233
Basic, Per Share Amount $ (0.21) $ 0.34
Diluted Net (Loss) Income per Share:    
Net Income (Loss) $ (5,628) $ 9,343
Conversion of stock-based compensation arrangements 0 0
Net (loss) income available for diluted common shares and diluted net (loss) income per share $ (5,628) $ 9,343
Conversion of stock-based compensation arrangements, Shares 0 243
Diluted, Shares 27,387 27,476
Diluted, Per Share Amount $ (0.21) $ 0.34
v3.26.1
Net (Loss) Income per Share - Narrative (Details) - shares
shares in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Unvested Stock-based Awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Antidilutive securities excluded from computation of earnings per share, shares 246,000 10,000
v3.26.1
Fair Value Measurements - Schedule of Financial Instruments Measure at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
May 02, 2026
Jan. 31, 2026
May 03, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents - money market mutual funds $ 101,610 $ 109,149 $ 68,330
Marketable securities - mutual funds that fund deferred compensation 13,248 13,636 14,477
Total 114,858 122,785 82,807
Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents - money market mutual funds 101,610 109,149 68,330
Marketable securities - mutual funds that fund deferred compensation 13,248 13,636 14,477
Total 114,858 122,785 82,807
Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents - money market mutual funds 0 0 0
Marketable securities - mutual funds that fund deferred compensation 0 0 0
Total 0 0 0
Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash equivalents - money market mutual funds 0 0 0
Marketable securities - mutual funds that fund deferred compensation 0 0 0
Total $ 0 $ 0 $ 0
v3.26.1
Fair Value Measurements - Schedule of Liabilities Measure at Fair Value on Recurring Basis (Details) - USD ($)
$ in Thousands
May 02, 2026
Jan. 31, 2026
May 03, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration $ 459 $ 451 $ 401
Total 459 451 401
Level 1      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration 0 0 0
Total 0 0 0
Level 2      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration 0 0 0
Total 0 0 0
Level 3      
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Contingent consideration 459 451 401
Total $ 459 $ 451 $ 401
v3.26.1
Fair Value Measurements - Schedule of Deferred Compensation Plan Liabilities and Related Marketable Securities (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Jan. 31, 2026
Fair Value Disclosures [Abstract]      
Deferred compensation plan current liabilities $ 206 $ 4,266 $ 1,235
Deferred compensation plan long-term liabilities 12,682 9,539 12,114
Total deferred compensation plan liabilities 12,888 13,805 13,349
Marketable securities - mutual funds that fund deferred compensation 13,248 14,477 $ 13,636
Deferred compensation liabilities      
Employer contributions, net 111 114  
Investment earnings (losses) 220 (436)  
Marketable Securities      
Mark-to-market (gains) losses [1] (211) 605  
Net deferred compensation expense $ 120 $ 283  
[1] Included in the mark-to-market activity related to equity securities still held at quarter-end, we recognized an unrealized gain of $116,000 and an unrealized loss of $94,000 for the thirteen weeks ended May 2, 2026 and May 3, 2025, respectively.
v3.26.1
Fair Value Measurements - Schedule of Deferred Compensation Plan Liabilities and Related Marketable Securities (Parenthetical) (Details) - USD ($)
 3 Months Ended
May 02, 2026
May 03, 2025
Fair Value Disclosures [Abstract]    
Unrealized gains (losses) $ 116,000 $ 94,000
v3.26.1
Fair Value Measurements - Narrative (Details)
 3 Months Ended
May 02, 2026
USD ($)
Store
May 03, 2025
USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-lived asset impairment charges $ 6,300,000  
Number of stores | Store 7  
Long-lived assets, impairment charges   $ 0
Impairments of operating right-of-use assets $ 0 $ 0
Selling, General and Administrative Expenses    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Long-lived asset impairments, other property and equipment write-offs and other charges $ 8,300,000  
v3.26.1
Stock-Based Compensation - Schedule of Stock-based Compensation Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 3,373 $ 1,546
Income tax benefit at statutory rates 820 376
Additional income tax (shortfall) on vesting of share-settled awards (541) (455)
Share-settled Equity Awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense 3,364 1,537
Employee Stock Purchase Plan    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Total stock-based compensation expense $ 9 $ 9
v3.26.1
Stock Based Compensation - Narrative (Details) - Share-settled Equity Awards - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
May 02, 2026
May 03, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Fair value of stock awards vested during period $ 7.9 $ 7.4
Weighted average grant date fair value of awards $ 20.16 $ 21.64
Unrecognized share-based compensation expense $ 14.4  
Unrecognized compensation cost, recognition period 1 year 10 months 24 days  
v3.26.1
Stock-Based Compensation - Summary of Restricted Stock Awards Transactions (Details) - Share-settled Equity Awards - $ / shares
 3 Months Ended
May 02, 2026
May 03, 2025
Number of Shares    
Outstanding at January 31, 2026 796,409  
Granted 531,796  
Vested (283,448)  
Forfeited (77,944)  
Outstanding at May 2, 2026 966,813  
Weighted-Average Grant Date Fair Value    
Outstanding at January 31, 2026 $ 25.67  
Granted 20.16 $ 21.64
Vested 27.86  
Forfeited 21.52  
Outstanding at May 2, 2026 $ 22.33  
v3.26.1
Revenue - Schedule of Net Sales and Percentage of Net Sales, Disaggregation by Product Category (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Disaggregation Of Revenue [Line Items]    
Net sales $ 270,730 $ 277,715
Sales Revenue Net | Geographic Concentration Risk    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 100.00% 100.00%
Net sales $ 270,730 $ 277,715
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 47.00% 49.00%
Net sales $ 127,780 $ 135,379
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Women's    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 24.00% 24.00%
Net sales $ 63,434 $ 67,138
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Men's    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 16.00% 18.00%
Net sales $ 44,197 $ 49,122
Sales Revenue Net | Geographic Concentration Risk | Non-Athletics | Children's    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 7.00% 7.00%
Net sales $ 20,149 $ 19,119
Sales Revenue Net | Geographic Concentration Risk | Athletics    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 48.00% 46.00%
Net sales $ 128,936 $ 127,730
Sales Revenue Net | Geographic Concentration Risk | Athletics | Women's    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 18.00% 17.00%
Net sales $ 46,941 $ 47,697
Sales Revenue Net | Geographic Concentration Risk | Athletics | Men's    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 20.00% 18.00%
Net sales $ 54,252 $ 50,101
Sales Revenue Net | Geographic Concentration Risk | Athletics | Children's    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 10.00% 11.00%
Net sales $ 27,743 $ 29,932
Sales Revenue Net | Geographic Concentration Risk | Accessories    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 5.00% 5.00%
Net sales $ 12,756 $ 13,357
Sales Revenue Net | Geographic Concentration Risk | Other    
Disaggregation Of Revenue [Line Items]    
Percentage of net sales 0.00% 0.00%
Net sales $ 1,258 $ 1,249
v3.26.1
Revenue - Narrative (Details) - USD ($)
 3 Months Ended
May 02, 2026
May 03, 2025
Jan. 31, 2026
Revenue from Contract with Customer [Abstract]      
Refund liabilities $ 1,100,000 $ 1,100,000 $ 1,100,000
Return assets 545,000 726,000 545,000
Contract liabilities associated with unredeemed gift cards 1,700,000 2,000,000 2,000,000
Breakage revenue 0 0  
Net sales associated with loyalty rewards 1,000,000 920,000  
Contract liabilities associated with loyalty rewards $ 697,000 $ 630,000 $ 627,000
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
May 02, 2026
Segment
State
Segment Reporting [Abstract]  
Number of reportable segments | Segment 1
Segment reporting, CODM, profit (loss) measure, how used, description Our chief operating decision maker (“CODM”) is our Interim President and Chief Executive Officer. The CODM assesses the performance of our single reportable segment and decides how to allocate resources based on Net Income that is also reported on the income statement as our consolidated Net (Loss) Income. The CODM uses Net (Loss) Income to evaluate performance in deciding whether to reinvest profits, facilitate acquisitions or return funds to shareholders through dividends or share repurchases. Net (Loss) Income is used to monitor budget versus actual results and in competitive analysis by benchmarking to our peers and competitors. The benchmarking analysis and the monitoring of budgeted versus actual results are used in assessing our performance and in establishing management’s compensation.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration] President and Chief Executive Officer [Member]
Number of location states | State 35
v3.26.1
Segment Reporting - Schedule of Operating Financial Results of our Segment (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Segment Reporting Information [Line Items]    
Net sales $ 270,730 $ 277,715
Cost of sales 180,629 181,938
Store expenses [1] 37,667 39,486
E-commerce expenses [2] 3,898 4,357
Advertising 11,469 11,100
Store depreciation and other selling expenses [3] 11,185 10,645
General and administrative expenses [4] 18,314 18,224
CEO transition and strategic review [5] 13,605 0
Interest income (1,062) (1,103)
Interest expense 85 78
Income tax expense 568 3,647
Net (loss) income (5,628) 9,343
Merchandise & Delivery Costs    
Segment Reporting Information [Line Items]    
Cost of sales [6] 157,294 158,845
Store Occupancy Costs    
Segment Reporting Information [Line Items]    
Cost of sales $ 23,335 $ 23,093
[1] Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
[2] E-commerce expenses include primarily website maintenance costs and other selling expenses.
[3] Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
[4] General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation.
[5] See Note 2 - “CEO Transition and Related Strategic Review”
[6] Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
v3.26.1
Leases - Narrative (Details)
 3 Months Ended
May 02, 2026
Lessee, Lease, Description [Line Items]  
Current lease expiration year 2034
v3.26.1
Leases - Schedule of Lease Related Costs (Details) - USD ($)
$ in Thousands
 3 Months Ended
May 02, 2026
May 03, 2025
Leases [Abstract]    
Operating lease cost $ 17,968 $ 17,891
Variable lease cost    
Occupancy costs 5,621 5,885
Percentage rent and other variable lease costs 498 272
Finance lease cost    
Amortization of leased assets 8 8
Interest on lease liabilities 3 3
Total $ 24,098 $ 24,059