Dive Brief:
- Shoe Carnival alum Kerry Jackson, who previously served as its CFO for more than two decades, reclaimed the retailer’s top financial seat on Sunday as the company moves forward with expansive growth plans, according to a Thursday securities filing.
- Jackson, who rejoined the retailer in a newly created role in June after a two-year hiatus, was appointed to the role “in anticipation of organic and acquisition growth and after taking into account Mr. Jackson’s breadth and years of experience with the Company, including his current and prior leadership of the Company’s business development activities,” according to the filing with the Securities and Exchange Commission.
- The CFO appointment comes at a “pivotal moment” for the retailer, CEO Mark Worden said in a press release announcing the move. The company is continuing its expansion plans for its Shoe Station brand, which operated 21 locations when Shoe Carnival acquired it in late 2021 for $67 million and which now represents the latter’s fastest-growing segment. Shoe Carnival recently opened its 100th Shoe Station location and plans to exceed 215 locations by July 2026, Worden said in the Thursday release.
Dive Insight:
A 35-year veteran of the Evansville, Indiana-based footwear retailer — including a 27-year stint as its CFO along with other roles — Jackson retired from Shoe Carnival in May 2023, before returning to the company in June 2025 as its senior vice president of new business development. He now considers the departure a “sabbatical,” according to his LinkedIn.
“I enjoyed the two year break, but realized I have more to give and accomplish than I could find in retirement,” Jackson wrote on his profile under what he termed as a career break. “Thankfully, CEO Mark Worden created a new position of New Business Development so that I could assist him and the executive team in growing the company through M&A.”
In re-assuming the CFO seat, Jackson’s annual base salary will be increased to $565,000, according to the company filing. He will also receive a one-time grant of 20,000 service-based restricted stock units, the company said.
Jackson will take over the CFO seat from Patrick C. Edwards, who served as Shoe Carnival’s senior vice president, CFO and treasurer, and transitioned to the role of senior vice president, special projects on Sunday, according to the SEC filing. Edwards will continue to serve as treasurer and as “key member of the finance leadership team,” according to the Thursday press release. As CFO, Jackson will assume leadership for the company’s investor relations activities and is set to participate in its next earnings call, according to the Thursday release.
The company will lean on Jackson’s financial acumen as it moves forward with a strategic growth plan centered around its fast-growing Shoe Station segment.
“With Kerry already leading our business development efforts and his deep knowledge of our business, this is the natural time for his return to the CFO role as we execute our strategic plan,” Worden said in a statement included in the Thursday release.
Last year, the company began testing out a “re-banner” strategy, converting some of its namesake Shoe Carnival stores to Shoe Station locations, and has continued to invest in that re-banner program throughout its fiscal 2025 despite “market uncertainty,” Worden said during the company’s Q2 earnings call.
During the quarter, the “re-banner strategy contribution was significant,” Worden said according to a transcript, noting Shoe Station outperformed Shoe Carnival by over 10% on merchandise sales during Q2 and back-to-school. The company is also seeing a demographic customer shift from the below $30,000 household income average of Shoe Carnival buyers toward Shoe Station’s $50,000 household income range.
“This evolution and customer mix is driving improved economics across the portfolio and reducing the corporation's exposure to economic downturns,” Worden said during the call.
For the quarter ended Aug. 2, Shoe Station net sales grew by 1.6%, while Shoe Carnival net sales saw a 10.1% decline “as the sub-$40,000 income consumer remained pressured,” according to earnings results published Sept. 4. Overall net sales declined by 7.9% year over year to reach $306.4 million, while net income dropped to $19.2 million compared to $22.6 million for the prior year period.
The company also readjusted its full-year guidance for its fiscal 2025, with Shoe Carnival now anticipating net sales in a range between $1.12 billion to $1.15 billion, compared to previous guidance between $1.15 billion to $1.23 billion. The company is also expecting its capital expenditures to reach a range between $45 million to $55 million, “inclusive of $30 to $35 million for re-banners,” according to its earnings results.
Shoe Carnival did not immediately respond to requests for comment.
