Provides Business Update for Fiscal Year 2021
Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading
retailer of footwear and accessories for the family, announced
today that its Board of Directors has authorized a two-for-one
stock split of the Company's common stock. The stock split will be
effected by the payment of a stock dividend of one share on each
share of common stock to shareholders of record at the close of
business on Tuesday, July 6, 2021. The dividend shares are
scheduled to be distributed on Monday, July 19, 2021. The Company
expects the adjusted number of shares outstanding and adjusted per
share stock price reported by the Nasdaq Stock Market to be
effective Tuesday, July 20, 2021. The recently announced cash
dividend of $0.14 per share, which is also payable on July 19,
2021, will be paid on a pre-split basis.
“The Board’s approval of this stock split along with the recent
dividend increase, further underscores its confidence in Shoe
Carnival’s long-term growth trajectory. We are truly excited about
the strength of our concept, dedication of our team and unwavering
commitment to our customers continuing to position Shoe Carnival as
a leader in the family footwear segment,” commented Cliff Sifford,
Shoe Carnival’s Vice Chairman and Chief Executive Officer.
Fiscal 2021 Guidance
The Company also provided full year net sales and earnings
guidance for fiscal 2021. For the full fiscal year 2021, Shoe
Carnival anticipates net sales to be in excess of $1.15 billion and
diluted net income per share to be in excess of $6.00 pre-stock
split, or in excess of $3.00 post-stock split. Net sales are
expected to surpass any previous full fiscal year record by over
$100 million, and diluted net income per share is expected to more
than double the Company’s previous fiscal year record of $2.92 per
share (pre-split basis).
“The fundamentals of our business remain robust. We have
maintained strong momentum as we move through the second fiscal
quarter, and as a result, we have provided an initial outlook for
our full fiscal year 2021. We look forward to providing more detail
on our second quarter earnings call,” noted Mark Worden, President
and Incoming Chief Executive Officer.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family
footwear retailers, offering a broad assortment of dress, casual
and athletic footwear for men, women and children with emphasis on
national name brands. As of June 21, 2021, the Company operates 377
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, including,
but not limited to, statements regarding the timing of the stock
split and statements regarding the Company’s expectations with
respect to future operations and financial results. 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: the duration and spread of the COVID-19 pandemic,
mitigating efforts deployed, including the effects of government
stimulus on consumer spending, and the pandemic’s overall impact on
the operations of our stores, economic conditions, financial market
volatility, and our supply chain and distribution processes;
general economic conditions in the areas of the continental United
States and Puerto Rico where 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; 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; the
success of the open-air shopping centers where our stores are
located and its impact on our ability to attract customers to our
stores; our ability to attract customers to our e-commerce platform
and to successfully grow our multi-channel sales; the potential
impact of national and international security concerns on the
retail environment; the effectiveness of our inventory management,
including our ability to manage key vendor relationships and
emerging direct-to-consumer initiatives; changes in our
relationships with other key suppliers; our ability to control
costs and meet our labor needs in a rising wage and/or inflationary
environment; 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; our ability to successfully manage our
current real estate portfolio and leasing obligations; changes in
weather, including patterns impacted by climate change; changes in
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 impact of
natural disasters, other public health crises, political crises,
civil unrest, and other catastrophic events on our stores and our
suppliers, 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 cybersecurity breach; our
ability to successfully execute our business strategy, including
the availability of desirable store locations at acceptable lease
terms, our ability to implement and adapt to new technology and
systems, 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; an increase in the cost, or a
disruption in the flow, of imported goods; the impact of regulatory
changes in the United States, including minimum wage laws and
regulations, and the countries where our manufacturers are located;
the resolution of litigation or regulatory proceedings in which we
are or may become involved; continued volatility and disruption in
the capital and credit markets; 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 and Quarterly Reports
on Form 10-Q.
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/20210621005747/en/
Cliff Sifford Vice Chairman and Chief Executive Officer, or W.
Kerry Jackson Senior Executive Vice President, Chief Financial and
Administrative Officer and Treasurer
7500 East Columbia Street Evansville, IN 47715
www.shoecarnival.com (812) 867-4034
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