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Shoe Carnival Beneish M-Score

: -2.52 (As of Today)
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The zones of discrimination for M-Score is as such:

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator.
An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Good Sign:

Beneish M-Score -2.52 no higher than -1.78, which implies that the company is unlikely to be a manipulator.

The historical rank and industry rank for Shoe Carnival's Beneish M-Score or its related term are showing as below:

NAS:SCVL' s Beneish M-Score Range Over the Past 10 Years
Min: -10000000   Med: -2.65   Max: 10000000
Current: -2.52

-10000000
10000000

During the past 13 years, the highest Beneish M-Score of Shoe Carnival was 10000000.00. The lowest was -10000000.00. And the median was -2.65.


Shoe Carnival Beneish M-Score Historical Data

The historical data trend for Shoe Carnival's Beneish M-Score can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

Shoe Carnival Annual Data
Trend Jan12 Jan13 Jan14 Jan15 Jan16 Jan17 Jan18 Jan19 Jan20 Jan21
Beneish M-Score
Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -1.75 -2.30 -3.66 -1.79 -1.15

Shoe Carnival Quarterly Data
Oct16 Jan17 Apr17 Jul17 Oct17 Jan18 Apr18 Jul18 Oct18 Jan19 Apr19 Jul19 Oct19 Jan20 Apr20 Jul20 Oct20 Jan21 Apr21 Jul21
Beneish M-Score Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only -0.90 - -1.15 -3.05 -2.52

Competitive Comparison

For the Apparel Retail subindustry, Shoe Carnival's Beneish M-Score, along with its competitors' market caps and Beneish M-Score data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.

   

Shoe Carnival Beneish M-Score Distribution

For the Retail - Cyclical industry and Consumer Cyclical sector, Shoe Carnival's Beneish M-Score distribution charts can be found below:

* The bar in red indicates where Shoe Carnival's Beneish M-Score falls into.



Shoe Carnival Beneish M-Score Calculation

The M-score was created by Professor Messod Beneish. Instead of measuring the bankruptcy risk (Altman Z-Score) or business trend (Piotroski F-Score), M-score can be used to detect the risk of earnings manipulation. This is the original research paper on M-score.

The M-Score Variables:

The M-score of Shoe Carnival for today is based on a combination of the following eight different indices:

M=-4.84+0.92 * DSRI+0.528 * GMI+0.404 * AQI+0.892 * SGI+0.115 * DEPI
=-4.84+0.92 * 0.9311+0.528 * 0.7685+0.404 * 0.8182+0.892 * 1.2351+0.115 * 0.9544
-0.172 * SGAI+4.679 * TATA-0.327 * LVGI
-0.172 * 0.9023+4.679 * -0.0095-0.327 * 0.8672
=-2.52

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

This Year (Jul21) TTM:Last Year (Jul20) TTM:
Accounts Receivable was $8 Mil.
Revenue was 332.23 + 328.457 + 253.897 + 274.579 = $1,189 Mil.
Gross Profit was 135.752 + 130.158 + 78.152 + 87.761 = $432 Mil.
Total Current Assets was $493 Mil.
Total Assets was $784 Mil.
Property, Plant and Equipment(Net PPE) was $274 Mil.
Depreciation, Depletion and Amortization(DDA) was $17 Mil.
Selling, General, & Admin. Expense(SGA) was $284 Mil.
Total Current Liabilities was $194 Mil.
Long-Term Debt & Capital Lease Obligation was $186 Mil.
Net Income was 44.212 + 43.242 + 7.443 + 14.678 = $110 Mil.
Non Operating Income was 0 + 0 + 0 + 0 = $0 Mil.
Cash Flow from Operations was 3.327 + 76.52 + 63.225 + -26.038 = $117 Mil.
Accounts Receivable was $7 Mil.
Revenue was 300.794 + 147.495 + 239.875 + 274.645 = $963 Mil.
Gross Profit was 82.605 + 31.464 + 69.9 + 84.734 = $269 Mil.
Total Current Assets was $396 Mil.
Total Assets was $690 Mil.
Property, Plant and Equipment(Net PPE) was $276 Mil.
Depreciation, Depletion and Amortization(DDA) was $16 Mil.
Selling, General, & Admin. Expense(SGA) was $255 Mil.
Total Current Liabilities was $196 Mil.
Long-Term Debt & Capital Lease Obligation was $189 Mil.




1. DSRI = Days Sales in Receivables Index

Measured as the ratio of Revenue in Accounts Receivable in year t to year t-1.

A large increase in DSR could be indicative of revenue inflation.

DSRI=(Receivables_t / Revenue_t) / (Receivables_t-1 / Revenue_t-1)
=(7.871 / 1189.163) / (6.844 / 962.809)
=0.00661894 / 0.00710837
=0.9311

2. GMI = Gross Margin Index

Measured as the ratio of gross margin in year t-1 to gross margin in year t.

Gross margin has deteriorated when this index is above 1. A firm with poorer prospects is more likely to manipulate earnings.

GMI=GrossMargin_t-1 / GrossMargin_t
=(GrossProfit_t-1 / Revenue_t-1) / (GrossProfit_t / Revenue_t)
=(268.703 / 962.809) / (431.823 / 1189.163)
=0.27908235 / 0.36313188
=0.7685

3. AQI = Asset Quality Index

AQI is the ratio of asset quality in year t to year t-1.

Asset quality is measured as the ratio of non-current assets other than Property, Plant and Equipment to Total Assets.

AQI=(1 - (CurrentAssets_t + PPE_t) / TotalAssets_t) / (1 - (CurrentAssets_t-1 + PPE_t-1) / TotalAssets_t-1)
=(1 - (493.08 + 274.343) / 784.056) / (1 - (396.004 + 275.636) / 689.518)
=0.02121405 / 0.02592826
=0.8182

4. SGI = Sales Growth Index

Ratio of Revenue in year t to sales in year t-1.

Sales growth is not itself a measure of manipulation. However, growth companies are likely to find themselves under pressure to manipulate in order to keep up appearances.

SGI=Sales_t / Sales_t-1
=Revenue_t / Revenue_t-1
=1189.163 / 962.809
=1.2351

5. DEPI = Depreciation Index

Measured as the ratio of the rate of Depreciation, Depletion and Amortization in year t-1 to the corresponding rate in year t.

DEPI greater than 1 indicates that assets are being depreciated at a slower rate. This suggests that the firm might be revising useful asset life assumptions upwards, or adopting a new method that is income friendly.

DEPI=(Depreciation_t-1 / (Depreciaton_t-1 + PPE_t-1)) / (Depreciation_t / (Depreciaton_t + PPE_t))
=(16.421 / (16.421 + 275.636)) / (17.174 / (17.174 + 274.343))
=0.05622533 / 0.05891252
=0.9544

Note: If the Depreciation, Depletion and Amortization data is not available, we assume that the depreciation rate is constant and set the Depreciation Index to 1.

6. SGAI = Sales, General and Administrative expenses Index

The ratio of Selling, General, & Admin. Expense(SGA) to Sales in year t relative to year t-1.

SGA expenses index > 1 means that the company is becoming less efficient in generate sales.

SGAI=(SGA_t / Sales_t) / (SGA_t-1 /Sales_t-1)
=(283.778 / 1189.163) / (254.639 / 962.809)
=0.23863676 / 0.26447509
=0.9023

7. LVGI = Leverage Index

The ratio of total debt to Total Assets in year t relative to yeat t-1.

An LVGI > 1 indicates an increase in leverage

LVGI=((LTD_t + CurrentLiabilities_t) / TotalAssets_t) / ((LTD_t-1 + CurrentLiabilities_t-1) / TotalAssets_t-1)
=((185.555 + 194.389) / 784.056) / ((189.411 + 195.88) / 689.518)
=0.48458784 / 0.55878309
=0.8672

8. TATA = Total Accruals to Total Assets

Total accruals calculated as the change in working capital accounts other than cash less depreciation.

TATA=(IncomefromContinuingOperations_t - CashFlowsfromOperations_t) / TotalAssets_t
=(NetIncome_t - NonOperatingIncome_t - CashFlowsfromOperations_t) / TotalAssets_t
=(109.575 - 0 - 117.034) / 784.056
=-0.0095

An M-Score of equal or less than -1.78 suggests that the company is unlikely to be a manipulator. An M-Score of greater than -1.78 signals that the company is likely to be a manipulator.

Shoe Carnival has a M-score of -2.52 suggests that the company is unlikely to be a manipulator.


Shoe Carnival Beneish M-Score Related Terms

Thank you for viewing the detailed overview of Shoe Carnival's Beneish M-Score provided by GuruFocus.com. Please click on the following links to see related term pages.


Shoe Carnival Business Description

Shoe Carnival logo
Industry
Consumer Cyclical » Retail - Cyclical NAICS : 448210 SIC : 5661
Traded in Other Exchanges
Address
7500 East Columbia Street, Evansville, IN, USA, 47715
Shoe Carnival Inc is a footwear retailer with hundreds of stores in the United States. It offers moderately priced, name-brand dress, casual, and athletic footwear for men, women, and children. Its average store has more than 27,000 pairs of shoes. The company promotes a shopping experience that includes contests, games, and a person on a stage with a microphone to announce limited-time specials. To enable its value-pricing strategy, Shoe Carnival minimizes staffing needs by housing all merchandise on the selling floor and leases store locations in open-air shopping centers. The company buys its merchandise from hundreds of vendors, with Nike and Skechers accounting for a substantial portion of total company sales. All merchandise goes through the company's distribution center in Indiana.
Executives
Sifford Clifton E director, officer: VICE CHAIRMAN & CEO PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SIFFORD CLIFTON E a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Baker Timothy T officer: EXEC. VP - CHIEF RETAIL PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: BAKER TIMOTHY T a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Tomm Charles B. director 201 N. FRANKLIN STREET SUITE 2800 TAMPA FL 33602
Scibetta Carl N. officer: EVP - CHIEF MERCHANDISE OFF. 7500 EAST COLUMBIA STREET EVANSVILLE IN 47715
Kleeberger Kent A director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: KLEEBERGER KENT A a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Aschleman James A director 300 N MERIDIAN ST STE 2700 INDIANAPOLIS IN 46204
Wood Joseph W director 4896 DEER RIDGE DRIVE SOUTH CARMEL IN 46033
Guthrie Andrea R. director 7500 EAST COLUMBIA STREET EVANSVILLE IN 47715
Jackson W Kerry officer: SENIOR EVP - CFO & CAO PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: JACKSON W KERRY a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}
Worden Mark J. officer: PRESIDENT & CHIEF CUSTOMER OFF 7500 E. COLUMBIA STREET EVANSVILLE IN 47715
Weaver Wayne J director, 10 percent owner, officer: CHAIRMAN OF THE BOARD TWO STAMFORD PLAZA 281 TRESSER BLVD P O BOX 1214 STAMFORD CT 06904-1214
Weaver Delores B 10 percent owner TWO STAMFORD PLAZA 281 TRESSER BLVD P O BOX 1214 STAMFORD CT 06904-1214
Gerstel Jeffrey C director 933 MACARTHUR BOULEVARD MAHWAH NJ 07430
Yearwood Kathy A officer: SVP CONTROLLER/PAO 7500 EAST COLUMBIA STREET EVANSVILLE IN 47715
Schoor Gerald W director PUBLIC "-//W3C//DTD HTML 4.0 Transitional//EN"> Ownership Information: SCHOOR GERALD W a.header:link {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:visited {color: #3b4fae; font-weight: bold; text-decoration: underline;} a.header:hover {color: #191970;}

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