SCVL · CIK 0000895447
What Shoe Carnival, Inc. told the SEC could break it.
Shoe Carnival's merchandise supply leans heavily on a few brands: Nike, Skechers and Crocs together were about 46% of net sales in fiscal 2025 (Nike alone roughly 24%), and it holds no long-term contracts with any vendor, so a pullback or allocation change by one of those brands would hit hard. Its logistics are just as concentrated — virtually all store merchandise and most e-commerce fulfillment flow through a single distribution center in Evansville, Indiana, so a disaster there would significantly impair its ability to deliver. And because substantially all of its footwear is made overseas, primarily in China and Vietnam, 2025 U.S. tariffs on those countries and the resulting retaliation have already created supply-chain uncertainty and cost pressure.
3 self-disclosed vulnerabilities, pulled from its own filings, each in the company’s words, with the source. This is the risk register almost nobody reads.
In its own words
What could break it.
Supplier concentration
- Nike, Skechers & Crocs — 46% of net sales, no long-term contractshigh
Three branded suppliers (Nike, Skechers, Crocs) collectively account for ~46% of net sales (Nike alone ~24%), and Shoe Carnival has no long-term contracts with any vendor — concentrating merchandise supply in a few brands.
“Three branded suppliers, Nike, Skechers and Crocs, collectively accounted for approximately 46% of our Net Sales in Fiscal 2025, 48% of our Net Sales in Fiscal 2024 and 45% of our Net Sales in Fiscal 2023.”
SEC filing →As of 2026
Geographic concentration
- single distribution center (Evansville, Indiana)medium
Virtually all store merchandise and most e-commerce fulfillment flow through a single distribution center in Evansville, Indiana; a disaster there would significantly impair the company's ability to deliver merchandise.
“We currently operate a single distribution center located in Evansville, Indiana. Virtually all merchandise received by our stores is, and will be, shipped through this distribution center. A disaster occurring at this distribution center would be significant”
SEC filing →As of 2026
Regulatory & policy
- footwear tariffs on China & Vietnam importsmedium
Substantially all footwear is manufactured overseas, primarily in China and Vietnam; 2025 U.S. tariffs on footwear-manufacturing countries and retaliation have caused supply-chain uncertainty and cost pressure.
“Our primary footwear manufacturers are located in China and Vietnam. In 2025, the United States government's executive branch announced additional tariffs on goods imported from countries that manufacture footwear, including China and Vietnam. These United States tariffs and the response by impacted countries has caused, and may continue to cause, uncertainty and disruption in our supply chain.”
The hidden graph
Who it depends on, and who depends on it.
Relationships surfaced from filings, including ones disclosed by the other side, which is how the non-obvious ones come to light.
Its suppliers
“Nike accounted for approximately 24% of Net Sales in Fiscal 2025, Skechers accounted for approximately 13%, and Crocs accounted for approximately 9%.”
Cited →“Nike accounted for approximately 24% of Net Sales in Fiscal 2025, Skechers accounted for approximately 13%, and Crocs accounted for approximately 9%.”
Cited →“Nike accounted for approximately 24% of Net Sales in Fiscal 2025, Skechers accounted for approximately 13%, and Crocs accounted for approximately 9%.”
Cited →
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