Benzinga | Dec 3, 2021 01:29PM EST

Shoe Carnival Acquires Shoe Station For $67M

* Shoe Carnival Inc (NASDAQ:SCVL) has acquired all of the assets of privately-held, family-owned Shoe Station Inc for $67 million. Shoe Station operates stores in five Southeastern states.

* Brent Barkin, the son of Shoe Station's founder Terry S. Barkin, will continue to lead Shoe Station.

* The company expects the transaction to be immediately accretive to EPS in FY22, contributing ~$100 million in incremental net sales, with operating income exceeding 10% on a normalized basis.

* Shoe Carnival expects to surpass 400 stores by the end of 2022.

* The company held $173.4 million in cash and equivalents as of October 30, 2021.

* Price Action: SCVL shares are trading lower by 0.91% at $38.45 on the last check Friday.