Shoe Carnival Announces New $50 Million Share Repurchase Program and Declares Quarterly Cash Dividend
December 17 2018 - 4:05PM
Business Wire
Company to Pay Quarterly Cash Dividend of $0.08 Per Share
Shoe Carnival, Inc. (NASDAQ: SCVL), a leading retailer of
moderately priced footwear and accessories, today announced that
its Board of Directors authorized a new share repurchase program
for up to $50 million of its outstanding common stock, effective
January 1, 2019. In addition, its Board of Directors approved the
payment of a quarterly cash dividend of $0.08 per share to be paid
on January 28, 2019, to shareholders of record as of the close of
business on January 14, 2019.
The new share repurchase program will replace the existing $50
million share repurchase program that was authorized on December
14, 2017, which will expire in accordance with its terms on
December 31, 2018. There is currently $4.0 million that remains
authorized for repurchases under the existing share repurchase
program. Additional purchases may be made under the existing share
repurchase program prior to its expiration.
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, 2019, and in accordance with
applicable laws, rules and regulations. Repurchases may also be
made pursuant to a Rule 10b5-1 plan, which, if adopted by the
Company, would permit shares to be repurchased in accordance with
pre-determined criteria when the Company might otherwise be
prohibited from doing so under insider trading laws or because of
self-imposed trading blackout periods. The share repurchase 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.
Future declarations of dividends are subject to approval of the
Board of Directors and will depend on the Company's results of
operations, financial condition, business conditions and other
factors deemed relevant by the Board of Directors.
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 name brands. As of December 17,
2018, the Company operates 402 stores in 35 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 in which our stores are located and the
impact of the ongoing economic crisis in Puerto Rico on sales at,
and cash flows of, our stores located in Puerto Rico; 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; our ability to successfully navigate
the increasing use of online retailers for fashion purchases and
the impact on traffic and transactions in our physical stores; our
ability to attract customers to our e-commerce website and to
successfully grow our e-commerce sales; the potential impact of
national and international security concerns on the retail
environment; changes in our relationships with key suppliers;
changes in the political and economic environments in, the status
of trade relations with, and the impact of changes in trade
policies and tariffs impacting, China and other countries which are
the major manufacturers of footwear; 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 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, including
as a result of a cyber-security breach; our ability to manage our
third-party vendor relationships; our ability to successfully
execute our business 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 business plans; higher than anticipated
costs associated with the closing of underperforming stores; the
inability of manufacturers to deliver products in a timely manner;
the impact of regulatory changes in the United States and the
countries where our manufacturers are located; the resolution of
litigation or regulatory proceedings in which we are or may become
involved; our ability to meet our labor needs while controlling
costs; the impact of the U.S. Tax Cuts and Jobs Act of 2017; and
future stock repurchases under our stock repurchase program and
future dividend payments; 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20181217005730/en/
Cliff SiffordPresident and Chief Executive Officer, orW. Kerry
JacksonSenior Executive Vice President, Chief Operating and
Financial Officer and Treasurerwww.shoecarnival.com(812)
867-6471
Shoe Carnival (NASDAQ:SCVL)
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