Gast to succeed W. Kerry Jackson, effective April 24, 2023
Gast brings over 30 years of experience in finance, including
with major retailers and customer facing brands
Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading
retailer of footwear and accessories for the family, today
announced that Erik Gast has been named the Company’s Executive
Vice President, Chief Financial Officer, effective April 24,
2023.
Bringing over 30 years of finance experience with both private
and public companies, Mr. Gast will join the Company from Fleet
Farm Group, LLC, where he has been the Executive Vice President
& Chief Financial Officer since 2020. In that role, Mr. Gast
was instrumental in driving improved financial performance and
developing long term strategic plans. Prior to that position, Mr.
Gast held numerous executive leadership roles at other major
retailers and customer facing brands, including serving as the
Senior Vice President, Finance & Chief Accounting Officer at
Great Wolf Resorts and serving in Vice President, Finance,
Controller and Treasurer positions at Pilot Travel Centers, Family
Dollar and Ace Hardware. Mr. Gast holds a bachelor’s degree in
accounting from Bethany College and an MBA from The Ohio State
University and is a Certified Public Accountant.
Mark J. Worden, the Company’s President and Chief Executive
Officer, commented, “We’re excited to welcome Erik to our
leadership team. His distinguished career in finance and
accounting, along with his experience in strategic planning,
mergers and acquisitions, and his deep knowledge of the retail
industry, will play a key role in our strategic growth initiatives
as we seek to become a multi-billion-dollar retailer.”
Mr. Gast succeeds W. Kerry Jackson, who will be retiring after a
35-year career with the Company. Mr. Jackson will continue to serve
as the Company’s Senior Executive Vice President, Chief Financial
and Administrative Officer and Treasurer until April 24, 2023, and
will remain with the Company as its Chief Administrative Officer
until his retirement on May 9, 2023 to assist with the
transition.
Mr. Worden further commented, “On behalf of the Board of
Directors and management, I’d also like to thank Kerry for his
leadership and many contributions over the course of his career
with Shoe Carnival. Kerry has helped Shoe Carnival accomplish
numerous significant milestones, including our initial public
offering in 1993, exceeding the $1 billion annual sales mark in
fiscal 2016 and completing our first acquisition in the Company’s
history in 2021. We deeply appreciate his contributions and wish
him the best in his well-earned retirement.”
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family
footwear retailers, offering a broad assortment of dress, casual
and athletic footwear for men, women and children with emphasis on
national name brands. As of March 16, 2023, the Company operates
397 stores in 35 states and Puerto Rico under its Shoe Carnival and
Shoe Station banners and offers shopping at www.shoecarnival.com
and www.shoestation.com. Headquartered in Evansville, IN, Shoe
Carnival, Inc. trades on The Nasdaq Stock Market LLC under the
symbol SCVL. Press releases and the Company’s annual report are
available on the Company's website at www.shoecarnival.com.
Cautionary Statement Regarding Forward-Looking
Information
As used herein, “we”, “our” and “us” refer to Shoe Carnival,
Inc. This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that involve a number of risks and uncertainties, including
statements relating to expectations and projections regarding the
Company’s future performance. A number of factors could cause our
actual results, performance, achievements or industry results to be
materially different from any future results, performance or
achievements expressed or implied by these forward-looking
statements. These factors include, but are not limited to: our
ability to control costs and meet our labor needs in a rising wage,
inflationary, and/or supply chain constrained environment; our
ability to maintain current promotional intensity levels; the
duration, spread and any remaining effects of the COVID-19
pandemic, mitigating efforts deployed, including the effects of
government stimulus on consumer spending, and the pandemic’s
overall impact on our operations; our ability to achieve expected
operating results, synergies, and other benefits from the Shoe
Station acquisition within expected time frames, or at all; the
potential impact of national and international security concerns,
including those caused by war and terrorism, on the retail
environment; general economic conditions in the areas of the
continental United States and Puerto Rico where our stores are
located; the effects and duration of economic downturns and
unemployment rates; changes in the overall retail environment and
more specifically in the apparel and footwear retail sectors; our
ability to generate increased sales; our ability to successfully
navigate the increasing use of online retailers for fashion
purchases and the impact on traffic and transactions in our
physical stores; the success of the open-air shopping centers where
many of our stores are located and its impact on our ability to
attract customers to our stores; our ability to attract customers
to our e-commerce platform and to successfully grow our omnichannel
sales; the effectiveness of our inventory management, including our
ability to manage key merchandise vendor relationships and
direct-to-consumer initiatives; changes in our relationships with
other key suppliers; changes in the political and economic
environments in, the status of trade relations with, and the impact
of changes in trade policies and tariffs impacting, China and other
countries which are the major manufacturers of footwear; the impact
of competition and pricing; our ability to successfully manage and
execute our marketing initiatives and maintain positive brand
perception and recognition; our ability to successfully manage our
current real estate portfolio and leasing obligations; changes in
weather, including patterns impacted by climate change; changes in
consumer buying trends and our ability to identify and respond to
emerging fashion trends; the impact of disruptions in our
distribution or information technology operations; the impact of
natural disasters, other public health crises, political crises,
civil unrest, and other catastrophic events on our operations and
the operations of our suppliers, as well as on consumer confidence
and purchasing in general; risks associated with the seasonality of
the retail industry; the impact of unauthorized disclosure or
misuse of personal and confidential information about our
customers, vendors and employees, including as a result of a
cybersecurity breach; our ability to successfully execute our
business strategy, including the availability of desirable store
locations at acceptable lease terms, our ability to identify,
consummate or effectively integrate future acquisitions, our
ability to implement and adapt to new technology and systems, our
ability to open new stores in a timely and profitable manner,
including our entry into major new markets, and the availability of
sufficient funds to implement our business plans; higher than
anticipated costs associated with the closing of underperforming
stores; the inability of manufacturers to deliver products in a
timely manner; an increase in the cost, or a disruption in the
flow, of imported goods; the impact of regulatory changes in the
United States, including minimum wage laws and regulations, and the
countries where our manufacturers are located; the resolution of
litigation or regulatory proceedings in which we are or may become
involved; continued volatility and disruption in the capital and
credit markets; future stock repurchases under our stock repurchase
program and future dividend payments; and other factors described
in the Company’s SEC filings, including the Company’s latest Annual
Report on Form 10-K. In addition, these forward-looking statements
necessarily depend upon assumptions, estimates and dates that may
be incorrect or imprecise and involve known and unknown risks,
uncertainties and other factors. Accordingly, any forward-looking
statements included in this press release do not purport to be
predictions of future events or circumstances and may not be
realized. Forward-looking statements can be identified by, among
other things, the use of forward-looking terms such as “believes,”
“expects,” “aims,” “may,” “will,” “should,” “seeks,” “pro forma,”
“anticipates,” “intends” or the negative of any of these terms, or
comparable terminology, or by discussions of strategy or
intentions. Given these uncertainties, we caution investors not to
place undue reliance on these forward-looking statements, which
speak only as of the date hereof. We disclaim any obligation to
update any of these factors or to publicly announce any revisions
to the forward-looking statements contained in this press release
to reflect future events or developments.
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W. Kerry Jackson Shoe Carnival Investor Relations (812)
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