Shoe Carnival Announces New Share Repurchase Program
December 15 2014 - 4:05PM
Business Wire
Shoe Carnival, Inc. (NASDAQ: SCVL) a leading retailer of
moderately priced footwear and accessories, today announced that on
December 11, 2014, its Board of Directors authorized a new share
repurchase program for up to $25 million of its outstanding common
stock, effective January 1, 2015.
The purchases under the new share repurchase program may be made
in the open market or through privately negotiated transactions
from time-to-time through December 31, 2015, and in accordance with
applicable laws, rules and regulations. The program may be amended,
suspended or discontinued at any time and does not commit the
Company to repurchase shares of its common stock. The Company
intends to fund the share repurchase program from cash on hand and
any shares acquired will be available for stock-based compensation
awards and other corporate purposes. The actual number and value of
the shares to be purchased will depend on the performance of the
Company’s stock price and other market conditions.
The new share repurchase program replaces the existing $25
million share repurchase program that was authorized in August
2010, which will expire in accordance with its terms on
December 31, 2014. There is currently $12.8 million that
remains authorized for repurchases under the existing share
repurchase program. No further purchases will be made under the
existing share repurchase program prior to its expiration.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family
footwear retailers, offering a broad assortment of moderately
priced dress, casual and athletic footwear for men, women and
children with emphasis on national and regional name brands. As of
December 15, 2014, the Company operates 403 stores in 33 states and
Puerto Rico, and offers online shopping at www.shoecarnival.com.
Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ
Stock Market LLC under the symbol SCVL. Shoe Carnival's press
releases and annual report are available on the Company's website
at www.shoecarnival.com.
Cautionary Statement Regarding Forward-Looking
Information
This press release contains forward-looking statements, within
the meaning of the Private Securities Litigation Reform Act of
1995, that involve a number of risks and uncertainties. A number of
factors could cause our actual results, performance, achievements
or industry results to be materially different from any future
results, performance or achievements expressed or implied by these
forward-looking statements. These factors include, but are not
limited to: general economic conditions in the areas of the
continental United States and Puerto Rico in which our stores are
located; the effects and duration of economic downturns and
unemployment rates; changes in the overall retail environment and
more specifically in the apparel and footwear retail sectors; our
ability to generate increased sales at our stores; the potential
impact of national and international security concerns on the
retail environment; changes in our relationships with key
suppliers; the impact of competition and pricing; our ability to
successfully manage and execute our marketing initiatives and
maintain positive brand perception and recognition; changes in
weather patterns, consumer buying trends and our ability to
identify and respond to emerging fashion trends; the impact of
disruptions in our distribution or information technology
operations; the effectiveness of our inventory management; the
impact of hurricanes or other natural disasters on our stores, as
well as on consumer confidence and purchasing in general; risks
associated with the seasonality of the retail industry; the impact
of unauthorized disclosure or misuse of personal and confidential
information about our customers, vendors and employees; our ability
to manage our third-party vendor relationships; our ability to
successfully execute our growth strategy, including the
availability of desirable store locations at acceptable lease
terms, our ability to open new stores in a timely and profitable
manner, including our entry into major new markets, and the
availability of sufficient funds to implement our growth plans;
higher than anticipated costs associated with the closing of
underperforming stores; our ability to successfully grow our
e-commerce business; the inability of manufacturers to deliver
products in a timely manner; changes in the political and economic
environments in China, Brazil, Europe and East Asia, where the
primary manufacturers of footwear are located; the impact of
regulatory changes in the United States and the countries where our
manufacturers are located; the continued favorable trade relations
between the United States and China and the other countries which
are the major manufacturers of footwear; the resolution of
litigation or regulatory proceedings in which we are or may become
involved; and our ability to meet our labor needs while controlling
costs; and other factors described in the Company’s SEC filings,
including the Company’s latest Annual Report on Form 10-K.
In addition, these forward-looking statements necessarily depend
upon assumptions, estimates and dates that may be incorrect or
imprecise and involve known and unknown risks, uncertainties and
other factors. Accordingly, any forward-looking statements included
in this press release do not purport to be predictions of future
events or circumstances and may not be realized. Forward-looking
statements can be identified by, among other things, the use of
forward-looking terms such as “believes,” “expects,” “may,” “will,”
“should,” “seeks,” “pro forma,” “anticipates,” “intends” or the
negative of any of these terms, or comparable terminology, or by
discussions of strategy or intentions. Given these uncertainties,
we caution investors not to place undue reliance on these
forward-looking statements, which speak only as of the date hereof.
We disclaim any obligation to update any of these factors or to
publicly announce any revisions to the forward-looking statements
contained in this press release to reflect future events or
developments.
Shoe Carnival, Inc.Cliff SiffordPresident, Chief
Executive Officer and Chief Merchandising OfficerorW.
Kerry JacksonSenior Executive Vice President, Chief
Operating and Financial Officer, and Treasurer(812)
867-6471www.shoecarnival.com
Shoe Carnival (NASDAQ:SCVL)
Historical Stock Chart
From Jun 2024 to Jul 2024
Shoe Carnival (NASDAQ:SCVL)
Historical Stock Chart
From Jul 2023 to Jul 2024