Shoe Carnival expects its financial results to improve this fiscal year following the $45 million acquisition of footwear company Rogan’s.

Founded in 1971, Rogan’s now has 28 stores in Wisconsin, Minnesota, and Illinois. Meanwhile, Shoe Carnival has 400 stores including 372 namesake stores and 28 Shoe Station stores.

The acquisition will establish a store base for Shoe Carnival in Minnesota, the company’s 36th state.

“With the acquisition of Rogan’s, we are now at an all-time high of 429 stores. Rogan’s will be immediately accretive to our results in 2024 and the level of accretion is expected to meaningfully increase in 2025,” Shoe Carnival president and CEO Mark Worden said.

“We are well positioned to advance our strategy to be the nation’s leading family footwear retailer by accelerating growth, as well as pursuing additional growth initiatives and M&A opportunities in the future.”

The company forecasts annual net sales to grow 4 per cent to 6 per cent to $1.21 billion to $1.25 billion and comparable store sales to be in the range of down 3 per cent to up 1 per cent.

Last fiscal year, net income fell 33.4 per cent to $73.3 million while net sales declined 6.8 per cent to $1.18 billion.