3 unchanged sentences
(In thousands, except share data)
−Removed: November 2, 2024
February 1, 2025
−Removed: October 28, 2023
Current Assets:
31 unchanged sentences
(In thousands, except per share data)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Cost of sales (including buying, distribution
13 unchanged sentences
(In thousands, except per share data)
−Removed: Balance at August 3, 2024
−Removed: Dividends declared ($ 0.135 per share)
−Removed: Employee stock purchase plan purchases
−Removed: Stock-based compensation expense
−Removed: Balance at November 2, 2024
−Removed: Balance at July 29, 2023
−Removed: Dividends declared ($ 0.12 per share)
−Removed: Employee stock purchase plan purchases
−Removed: Purchase of common stock for treasury
−Removed: Stock-based compensation expense
−Removed: Balance at October 28, 2023
−Removed: Thirty-nine Weeks Ended
−Removed: (In thousands, except per share data)
Balance at February 1, 2025
5 unchanged sentences
Stock-based compensation expense
−Removed: Balance at November 2, 2024
−Removed: Balance at January 28, 2023
+Added: Balance at May 3, 2025
+Added: Balance at February 3, 2024
Dividends declared ($ 0.135 per share)
3 unchanged sentences
on stock-based compensation awards
−Removed: Purchase of common stock for treasury
Stock-based compensation expense
−Removed: Balance at October 28, 2023
+Added: Balance at May 4, 2024
See notes to Condensed Consolidated Financial Statements.
2 unchanged sentences
(In thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
Cash Flows From Operating Activities
Adjustments to reconcile net income to net cash
−Removed: provided by operating activities:
+Added: (used in) provided by operating activities:
Depreciation and amortization
Stock-based compensation
−Removed: (Gain) Loss on retirement and impairment of assets, net
+Added: Loss on retirement and impairment of assets, net
Deferred income taxes
5 unchanged sentences
Accounts payable and accrued liabilities
−Removed: Net cash provided by operating activities
+Added: Net cash (used in) provided by operating activities
Cash Flows From Investing Activities
1 unchanged sentence
Investments in marketable securities
−Removed: Sales of marketable securities and other
Acquisition, net of cash acquired
3 unchanged sentences
Dividends paid
−Removed: Purchase of common stock for treasury
Shares surrendered by employees to pay taxes on stock-based compensation awards
Net cash used in financing activities
−Removed: Net (decrease) increase in cash and cash equivalents
+Added: Net decrease in cash and cash equivalents
Cash and cash equivalents at beginning of period
1 unchanged sentence
Supplemental disclosures of cash flow information:
−Removed: Cash paid during period for interest
−Removed: Cash paid during period for income taxes
Capital expenditures incurred but not yet paid
6 unchanged sentences
Shoe Carnival, Inc.
−Removed: is one of the nation’s largest omnichannel family footwear retailers, selling footwear and related products through our retail stores located in 36 states within the continental United States and in Puerto Rico, as well as through our e-commerce sales channels.
−Removed: We offer customers a broad assortment of primarily branded dress and casual shoes, sandals, boots and athletic footwear and accessories for men, women and children with an emphasis on national name brands through our Shoe Carnival and Shoe Station banners.
+Added: is one of the nation’s largest omnichannel sellers of footwear for the family, 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.
+Added: We offer customers a broad assortment of primarily branded dress and casual shoes, sandals, boots and athletic footwear and accessories for men, women and children with an emphasis on national name brands through our Shoe Carnival, Shoe Station and Rogan’s store fronts.
We are an Indiana corporation that was initially formed in Delaware in 1993 and reincorporated in Indiana in 1996.
2 unchanged sentences
Our consolidated financial statements include the accounts of Shoe Carnival, Inc.
−Removed: and its wholly-owned subsidiaries Rogan Shoes, Incorporated, SCHC, Inc.
+Added: 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.
5 unchanged sentences
Note 2 - Acquisition of Rogan Shoes
−Removed: On February 13, 2 024, we acquired all of the stock of Rogan Shoes, Incorporated, a privately-held 53-year-old work and family footwear company incorporated in Wisconsin (“Rogan’s”), for an adjusted purchase price of $ 44.8 million, net of $ 2.2 million of cash acquired, which was paid with cash on hand .
−Removed: This included $ 378,000 of purchase accounting adjustments which were paid in November 2024.
−Removed: Additional consideration of up to $ 5.0 million may be paid by the Company subject to the achievement of three-year performance targets.
+Added: On February 13, 2 024, we acquired all of the stock of Rogan Shoes, Incorporated, a privately-held 53-year-old work and family footwear company incorporated in Wisconsin, for a purchase price of $ 44.8 million, net of $ 2.2 million of cash acquired, which was paid with cash on hand .
+Added: This included $ 378,000 of purchase accounting adjustments which were paid in fourth quarter 2024.
+Added: Additional consideration of up to $ 5.0 million may be paid by the Company subject to the achievement of three-year growth targets.
At the time of the acquisition, Rogan’s operated 28 store locations in Wisconsin, Minnesota and Illinois.
1 unchanged sentence
It immediately positioned us as the market leader in Wisconsin, and it established a store base in Minnesota, creating additional expansion opportunities.
−Removed: Rogan’s is being integrated into our Shoe Station banner and our current plan is to brand and operate these stores over time using both the Rogan’s and Shoe Station trade names.
Rogan’s results were included in our consolidated financial statements since the acquisition date.
−Removed: Net Sales from our newly acquired Rogan’s operations totaled $ 22.3 million in the thirteen weeks ended November 2, 2024 and $ 63.9 million from February 13, 2024 through November 2, 2024.
−Removed: For the thirteen and thirty-nine weeks ended November 2, 2024, acquisition-related costs of $ 121,000 and $ 539,000 , respectively, were expensed as incurred and were included in Selling, General and Administrative Expenses.
−Removed: We also recognized a $ 2.6 million goodwill measurement period adjustment related to adjusting our deferred income tax positions during third quarter 2024.
+Added: Net Sales from our Rogan’s operations were $ 19.0 million in the thirteen weeks ended May 3, 2025 and $ 19.6 million from February 13, 2024 through May 4, 2024.
+Added: For the thirteen weeks ended May 4, 2024, acquisition-related costs of $ 321,000 were expensed as incurred and were included in Selling, General and Administrative Expenses (“SG&A”), compared to no acquisition-related costs included in SG&A in first quarter 2025.
The following table summarizes the purchase price and the allocation of the purchase price to the fair value of the assets acquired and liabilities assumed.
11 unchanged sentences
Identifiable intangible assets:
+Added: Customer relationships
Accounts payable
5 unchanged sentences
Our fair value estimate of the Merchandise Inventories for Rogan’s was determined using the Comparative Sales and Replacement Cost methods.
−Removed: Our fair value estimate of the contingent consideration for the Rogan’s acquisition was determined using a Monte Carlo simulation and other methods that account for the probabilities of various outcomes and was recorded in Other long-term liabilities.
−Removed: Significant assumptions used for the valuation include the discount rate, projected cash flows and calculated volatility.
Our fair value estimate related to the identified intangible asset of Rogan’s trade name was determined using the Relief from Royalty method, and the significant assumptions used for the valuation include the royalty rate, estimated projected revenues, long-term growth rate and the discount rate.
Our fair value estimates related to Rogan’s customer relationships were determined using the Multi-Period Excess Earnings method, and the significant assumptions used for the valuation include projected cash flows, the discount rate and customer attrition rate.
+Added: Our fair value estimate of the contingent consideration for the Rogan’s acquisition was determined using a Monte Carlo simulation and other methods that account for the probabilities of various outcomes and was recorded in Other long-term liabilities.
+Added: Significant assumptions used for the valuation include the discount rate, projected cash flows and calculated volatility.
+Added: It will be remeasured on a recurring basis at fair value.
Identifiable intangible assets include Rogan’s trade name and customer relationships.
2 unchanged sentences
Impairment reviews will be conducted at least annually and involve a comparison of fair value to the carrying amount.
−Removed: If fair value is less than the carrying amount, an impairment loss would be recognized in Selling, General and Administrative Expenses.
+Added: If fair value is less than the carrying amount, an impairment loss would be recognized in SG&A.
Customer relationships are subject to amortization and will be amortized over a period of 20 years.
−Removed: Goodwill and the acquisition-related Intangible Assets will not be deductible for tax purposes.
+Added: Goodwill and the acquisition-related Intangible Assets are not deductible for tax purposes.
Note 3 - Net Income Per Share
1 unchanged sentence
Thirteen Weeks Ended
−Removed: November 2, 2024
−Removed: October 28, 2023
(In thousands, except per share data)
6 unchanged sentences
shares and diluted net income per share
−Removed: Thirty-nine Weeks Ended
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: (In thousands, except per share data)
−Removed: Basic Net Income per Share:
−Removed: Net income available for basic common shares
−Removed: and basic net income per share
−Removed: Diluted Net Income per Share:
−Removed: Conversion of stock-based compensation
−Removed: Net income available for diluted common
−Removed: shares and diluted net income per share
The computation of Basic Net Income per Share is based on the weighted average number of common shares outstanding during the period.
The computation of Diluted Net 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.
−Removed: No u nvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 .
+Added: During the thirteen weeks ended May 3, 2025 , approximately 10,000 unvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share because the impact would have been anti-dilutive.
+Added: No unvested stock-based awards that will be settled in shares were excluded from the computation of Diluted Net Income per Share for the thirteen weeks ended May 4, 2024 .
Note 4 - Recently Issued Accounting Pronouncements
−Removed: In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):
−Removed: Improvements to Reportable Segment Disclosures.
−Removed: The guidance updates reportable segment disclosure requirements, primarily through increased disclosures about significant segment expenses.
−Removed: In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment, and contain other disclosure requirements.
−Removed: The ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.
−Removed: Early adoption is permitted.
−Removed: The amendments in the ASU will be applied retrospectively to all prior periods presented in the financial statements, using the significant segment expense categories identified and disclosed in the period of adoption.
−Removed: We are continuing to evaluate the impact of this new guidance but believe the adoption will not have a material impact on our consolidated financial statements.
−Removed: In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):
+Added: In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):
Improvements to Income Tax Disclosures.
10 unchanged sentences
The amendments in the ASU should be applied on a prospective basis, but retrospective application is permitted.
−Removed: We are evaluating the impact of this new guidance, but believe the adoption will not have a material impact on our consolidated financial statements.
+Added: The adoption will not have a material impact on our consolidated financial statements.
Note 5 - Fair Value Measurements
Financial Instruments
−Removed: The following table presents financial instruments that are measured at fair value on a recurring basis at November 2, 2024, February 3, 2024 and October 28, 2023:
+Added: The following table presents financial instruments that are measured at fair value on a recurring basis at May 3, 2025, February 1, 2025 and May 4, 2024:
Fair Value Measurements
(In thousands)
−Removed: As of November 2, 2024
+Added: As of May 3, 2025
Cash equivalents - money market mutual funds
5 unchanged sentences
deferred compensation
−Removed: As of October 28, 2023
+Added: As of May 4, 2024
Cash equivalents - money market mutual funds
3 unchanged sentences
These Marketable Securities are designed to mitigate volatility in our Consolidated Statements of Income associated with our non-qualified deferred compensation plan.
−Removed: As of November 2, 2024, these Marketable Securities were principally invested in equity-based mutual funds, consistent with the allocation in our deferred compensation plan.
+Added: As of May 3, 2025, 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.
4 unchanged sentences
(In thousands)
−Removed: November 2, 2024
February 1, 2025
−Removed: October 28, 2023
Deferred compensation plan current liabilities
3 unchanged sentences
(In thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Deferred compensation liabilities
Employer contributions, net
−Removed: Investment earnings (losses)
+Added: Investment (losses) earnings
Marketable Securities
−Removed: Mark-to-market (gains) losses (1)
+Added: Mark-to-market losses (gains) (1)
Net deferred compensation expense
−Removed: (1) Included in the mark-to-market activity related to equity securities still held at quarter-end, we recognized an unrealized gain of $ 568,000 and an unrealized loss of $ 919,000 for the thirteen weeks ended November 2, 2024 and October 28, 2023, respectively, and unrealized gains of $ 1,118,000 and $ 141,000 for the thirty-nine weeks ended November 2, 2024 and October 28, 2023, respectively.
+Added: (1) Included in the mark-to-market activity related to equity securities still held at quarter-end, we recognized an unrealiz ed loss of $ 94,000 and an unrealized gain of $ 292,000 for the thirteen weeks ended May 3, 2025 and May 4, 2024, 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.
6 unchanged sentences
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.
−Removed: No impairment charges were recorded during the thirty-nine weeks ended November 2 , 2024 or the thirty-nine weeks ended October 28 , 2023 .
+Added: No impairment charges were recorded during the thirteen weeks ended May 3, 2025 or the thirteen weeks ended May 4, 2024.
Note 6 - Stock-Based Compensation
−Removed: On June 20, 2023, our shareholders approved the Shoe Carnival, Inc.
−Removed: Amended and Restated 2017 Equity Incentive Plan (the “Amended 2017 Plan”).
−Removed: Pursuant to the amendment and restatement, the number of shares of our common stock that are available for issuance under the Amended 2017 Plan was increased by 1.8 million additional shares, the term of the plan was extended by an additional ten years from the date of shareholder approval, and certain other design changes were made to the plan.
−Removed: As of November 2, 2024, there were 1,703,287 sh ares available for issuance under the Amended 2017 Plan, assuming that all outstanding performance stock units where the performance condition has not been satisfied vest at the maximum level of performance.
−Removed: Stock-based compensation includes share-settled awards issued pursuant to the Amended 2017 Plan in the form of restricted stock units, performance stock units, and restricted and other stock awards.
+Added: Stock-based compensation includes share-settled awards issued pursuant to the Shoe Carnival, Inc.
+Added: 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.
−Removed: For the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023, stock-based compensation expense was comprised of the following:
+Added: For the thirteen weeks ended May 3, 2025 and May 4, 2024, stock-based compensation expense was comprised of the following:
(In thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Share-settled equity awards
3 unchanged sentences
Income tax effect at statutory rates
−Removed: Additional income tax benefit on vesting of
+Added: Additional income tax expense (benefit) on vesting of
share-settled awards
−Removed: As of November 2, 2024 , approximately $ 9.2 million of unrecognized compensation expense remained related to our share-settled equity awards.
+Added: As of May 3, 2025 , approximately $ 14.6 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 2.1 years.
4 unchanged sentences
Outstanding at February 1, 2025
−Removed: Forfeited/Unearned
−Removed: Outstanding at November 2, 2024
−Removed: The total fair value at grant date of restricted stock units and performance stock units that vested during the thirty-nine weeks ended November 2, 2024 and October 28, 2023 was $ 1.4 million and $ 4.8 million, respectively.
−Removed: The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirty-nine weeks ended October 28, 2023 was $ 24.98 .
−Removed: There were 159,954 shares that were not earned because the performance condition for performance stock units granted in Fiscal 2023 was not satisfied.
−Removed: The following table summarizes transactions for our restricted stock and other stock awards:
−Removed: Average Grant
−Removed: Date Fair Value
−Removed: Outstanding at February 3, 2024
−Removed: Outstanding at November 2, 2024
−Removed: No restricted stock or other stock awards vested during the thirty-nine weeks ended November 2, 2024 or October 28, 2023.
−Removed: The weighted average grant date fair value of restricted stock awards granted during the thirty-nine weeks ended October 28, 2023 was $ 21.90 .
+Added: Outstanding at May 3, 2025
+Added: The total fair value at grant date of restricted stock units and performance stock units that vested during the thirteen weeks ended May 3, 2025 and May 4, 2024 was $ 7.4 million and $ 1.4 million, respectively.
+Added: The weighted-average grant date fair value of restricted stock units and performance stock units granted during the thirteen weeks ended May 4, 2024 was $ 31.99 .
Note 7 – Revenue
Disaggregation of Net Sales by Product Category
−Removed: Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023 were as follows:
+Added: Net Sales and percentage of Net Sales, disaggregated by product category, for the thirteen weeks ended May 3, 2025 and May 4, 2024 were as follows:
(In thousands)
Thirteen Weeks
−Removed: Ended November 2, 2024
+Added: Ended May 3, 2025
Thirteen Weeks
−Removed: Ended October 28, 2023
−Removed: Non-Athletics:
−Removed: (In thousands)
−Removed: Thirty-nine Weeks
−Removed: Ended November 2, 2024
−Removed: Thirty-nine Weeks
−Removed: Ended October 28, 2023
+Added: Ended May 4, 2024
Non-Athletics:
Accounting Policy and Performance Obligations
−Removed: 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 sales channels.
+Added: 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.
3 unchanged sentences
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.
−Removed: For sales made through our e-commerce sales channels in which the customer chooses home delivery, we transfer control and recognize revenue when the product is shipped.
+Added: 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.
12 unchanged sentences
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.
−Removed: For Shoes 2U transactions, customers may order the product at the point of sale.
+Added: 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.
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).
−Removed: Unearned revenue related to Shoes 2U was not material to our consolidated financial statements at November 2, 2024, February 3, 2024 or October 28, 2023.
+Added: Unearned revenue related to Shoes 2U was not material to our consolidated financial statements at May 3, 2025, February 1, 2025 or May 4, 2024.
Returns and Refunds
2 unchanged sentences
The estimated cost of Merchandise Inventories is reco rded as a reduction to Cost of Sales and an increase in Merchandise Inventories.
−Removed: Approximately $ 962,000 of refund liabilities and $ 618,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, as of November 2, 2024 and February 3, 2024.
−Removed: Approximately $ 866,000 of refund liabilities and $ 503,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, at October 28, 2023.
+Added: 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, as of May 3, 2025 and February 1, 2025.
+Added: Approximately $ 962,000 of refund liabilities and $ 618,000 of right of return assets associated with estimated product returns were recorded in Accrued and Other Liabilities and Merchandise Inventories, respectively, at May 4, 2024.
Contract Liabilities
2 unchanged sentences
We do not record breakage revenue when escheat liability to relevant jurisdictions exists.
−Removed: At November 2, 2024, February 3, 2024 and October 28, 2023 , approximately $ 2.4 million, $ 2.4 million and $ 1.8 million of contract liabilities associated with unredeemed gift cards were recorded in Accrued and Other Liabilities, respectively.
+Added: At May 3, 2025, February 1, 2025 and May 4, 2024 , approximately $ 2.0 million, $ 2.3 million and $ 2.7 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.
6 unchanged sentences
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.
−Removed: During the thirteen and thirty-nine weeks ended November 2, 2024 , approximately $ 943,000 and $ 2.5 million, respectively, of loyalty rewards were recognized in Net Sales.
−Removed: During the thirteen and thirty-nine weeks ended October 28, 2023 , approximately $ 1.6 million and $ 4.3 million, respectively, of loyalty rewards were recognized in Net Sales.
−Removed: At November 2, 2024, February 3, 2024 and October 28, 2023 , approximately $ 613,000 , $ 481,000 and $ 956,000 , respectively, of contract liabilities associated with loyalty rewards were recorded in Accrued and Other Liabilities.
+Added: During the thirteen weeks ended May 3, 2025 and May 4, 2024 , approximately $ 920,000 and $ 761,000 , respectively, of loyalty rewards were recognized in Net Sales.
+Added: At May 3, 2025, February 1, 2025 and May 4, 2024 , approximately $ 630,000 , $ 564,000 and $ 501,000 , 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.
+Added: Note 8 – Segment Reporting
+Added: Shoe Carnival, Inc.
+Added: has a single operating and reportable segment that sells footwear and related merchandise for the family across our retail banners and sales channels.
+Added: With respect to our omnichannel strategy, our e-commerce sales channel is integrated with our Shoe Carnival, Shoe Station and Rogan’s physical store locations across 35 states and Puerto Rico and is fundamentally inseparable in how we serve our target customers.
+Added: Our chief operating decision maker (“CODM”) is our President and Chief Executive Officer .
+Added: The CODM assesses performance and decides how to allocate resources based on Net Income that also is reported on the income statement as our consolidated Net Income.
+Added: The CODM uses Net Income to evaluate performance in deciding whether to reinvest profits, facilitate acquisitions or return funds to shareholders through dividends or share repurchases.
+Added: Net Income is used to monitor budget versus actual results and in competitive analysis by benchmarking to our peers and competitors.
+Added: The benchmarking analysis and the monitoring of budgeted versus actual results are used in assessing our performance and in establishing management’s compensation.
+Added: 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.
+Added: The CODM does not review assets in evaluating results.
+Added: Therefore, such
+Added: information is not provided.
+Added: Operating financial results of our segment for the thirteen weeks ended May 3, 2025 and May 4, 2024 were as follows:
+Added: (In thousands)
+Added: Merchandise & delivery costs (1)
+Added: Store occupancy costs
+Added: Store expenses (2)
+Added: E-commerce expenses (3)
+Added: Store depreciation and other selling expenses (4)
+Added: General and administrative expenses (5)
+Added: Interest income
+Added: Interest expense
+Added: Income tax expense
+Added: (1) Merchandise & delivery costs include the cost of merchandise and other buying and distribution costs.
+Added: (2) Store expenses include selling expenses generally controlled operationally at the store level, such as store level payroll.
+Added: (3) E-commerce expenses include primarily website maintenance costs and other selling expenses.
+Added: (4) Other selling expenses include store-related health care, other insurance, licensing/tax costs and Property and Equipment write-offs.
+Added: (5) General and administrative expenses include departmental and corporate expenses, including incentive and share-based compensation and merger and integration expenses.
Note 9 – Leases
−Removed: We lease all of our physical stores, our Evansville distribution center, which has a current lease term expiring in 2034 , and other warehousing and office space.
+Added: 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.
2 unchanged sentences
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.
−Removed: 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 as of November 2, 2024.
−Removed: Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen and thirty-nine weeks ended November 2, 2024 and October 28, 2023:
+Added: 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 3, 2025, February 1, 2025 or May 4, 2024.
+Added: Lease costs, including other related occupancy costs, reported in our Condensed Consolidated Statements of Income were as follows for the thirteen weeks ended May 3, 2025 and May 4, 2024:
(In thousands)
−Removed: November 2, 2024
−Removed: October 28, 2023
−Removed: November 2, 2024
−Removed: October 28, 2023
Operating lease cost
6 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.