Shoe Carnival One of Forbes' Best

Shoe Carnival Inc. (Evansville, Ind.), a chain of 183 footwear stores located in the Midwest, South and Southeast known for what it calls its “entertaining store format,” has been named one of the best small companies in America by Forbes Magazine.

Selection criteria include five-year sales and earnings-per-share growth rates of at least 5 percent and annual net income greater than $5 million. During the past five years, Shoe Carnival's sales growth averaged 15 percent and earnings-per-share growth averaged 21 percent while it maintained an 11 percent average return on equity.

“We are honored to be included in Forbes'200 Best Small Companies in America,” said president and ceo Mark Lemond. “We attribute our strong growth and financial performance over the past five years to our unique retail concept, our continuous process of improving that concept, the support of our vendors and the hard work and dedication of our 3500 employees.”

Just five years ago, the company had recorded the largest loss in its history and its stock was at an all-time low when, in September 1996, Lemond and the current management team assumed control. Part of the turnaround strategy included changing the company's deep-discounter image and its warehouse-type stores. Since September 1996, the company has doubled in sales and number of stores operated and is on track to triple its earnings per share.