Shoe Carnival Inc. will officially change its corporate name to Shoe Station Group Inc. and begin trading on The Nasdaq Stock Market under the symbol "SHOE," effective Friday. The move was approved by shareholders and shares will continue trading under the "SCVL" symbol through close of market Thursday, according to a company press release.
The retailer will continue to operate a multibanner business, with both the Shoe Station and Shoe Carnival names, as previously announced in May. That marked a reversal from the company’s pursuit of a single banner strategy that would have shifted many Shoe Carnival stores to Shoe Station.
“The new name and new ticker are reflective of our multi-banner strategy with Shoe Station as our primary long-term growth vehicle and Shoe Carnival continuing in markets where it is dominant,” Interim President and Chief Executive Officer Cliff Sifford said in a statement. “We will also seek to expand our business through strategic acquisitions of other footwear retailers.”
Sifford previously served as the company’s CEO for nine years and returned on an interim basis in February. Former CEO Mark Worden, who spearheaded the single banner strategy effort, abruptly departed the retailer.
The company’s net sales for the first quarter dropped 2.5% year over year to about $271 million and it swung from a net income to a net loss of $5.6 million.
