Shoe Carnival Announces Quarterly Cash Dividend and $50 Million Share Repurchase Program

Shoe Carnival, Inc. (Nasdaq: SCVL), a leading retailer of footwear and accessories, has announced that its Board of Directors has approved a quarterly cash dividend of $0.135 per share. This dividend will be paid on January 27, 2025, to shareholders of record as of the close of business on January 13, 2025.

In addition to the dividend, the Board of Directors has authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2025. This new program will replace the existing $50 million repurchase program that was approved on December 14, 2023, and set to expire on December 31, 2024. Purchases may continue under the existing program until its expiration.

Mark Worden, President and Chief Executive Officer of Shoe Carnival, commented, “This marks our 51st consecutive quarterly dividend, and we continue to generate solid cash flow, funding our operations and growth strategies without incurring debt. Our strong capital structure, liquidity management, and profitability position us well to deliver enhanced shareholder value and pursue our goal of becoming the nation’s leading family footwear retailer.”

Under the new share repurchase program, purchases can be made in the open market or through privately negotiated transactions from January 1, 2025, through December 31, 2025. Repurchases may also be made under a Rule 10b5-1 plan, which would allow for the repurchase of shares according to pre-determined criteria when the company is otherwise restricted from trading, such as during insider trading blackout periods.

The company emphasized that the share repurchase program is not an obligation, and the actual number of shares repurchased will depend on market conditions, stock price performance, and other economic factors. The program may also be amended, suspended, or discontinued at any time.

Funds for the share repurchase program will come from the company’s available cash, and any shares repurchased will be available for stock-based compensation and other corporate purposes.

Shoe Carnival also highlighted that future dividend declarations will be subject to approval by the Board of Directors and will depend on the company’s financial condition, operational results, and other relevant factors.

About Shoe Carnival:

Shoe Carnival, Inc. is one of the largest family footwear retailers in the U.S., offering a wide range of dress, casual, and athletic footwear for men, women, and children, with an emphasis on national name brands. As of December 12, 2024, the company operates 431 stores in 36 states and Puerto Rico under the Shoe Carnival and Shoe Station banners. Customers can also shop online at www.shoecarnival.com and www.shoestation.com. Headquartered in Evansville, IN, Shoe Carnival, Inc. is listed on The Nasdaq Stock Market LLC under the symbol SCVL. Press releases and annual reports are available on the company’s website at www.shoecarnival.com.

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