Shoe Carnival Announces New $50 Million Share Repurchase Program and Declares Quarterly Cash Dividend
December 15 2022 - 4:10PM
Business Wire
Company to Pay Quarterly Cash Dividend of $0.09 Per Share
Shoe Carnival, Inc. (NASDAQ: SCVL) (the “Company”), a leading
retailer of footwear and accessories for the family, 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, 2023. In addition, its Board of
Directors approved the payment of a quarterly cash dividend of
$0.09 per share to be paid on January 23, 2023, to shareholders of
record as of the close of business on January 9, 2023.
The new share repurchase program will replace an existing $50
million share repurchase program that was authorized on December
16, 2021 and will expire in accordance with its terms on December
31, 2022. Additional purchases may be made under the existing share
repurchase program prior to its expiration.
“We are very proud of our history of providing shareholder
return through dividends and share repurchases. With this final
dividend for our fiscal year 2022, we will have returned to
shareholders over $40 million in fiscal 2022 and over $275 million
to shareholders during the last decade,” said Mark Worden, Shoe
Carnival’s President and Chief Executive Officer. “As we plan for
fiscal 2023, we are committed to growing in size and scale and
increasing our shareholder value.”
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, 2023, 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 and economic factors.
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 dress, casual
and athletic footwear for men, women and children with emphasis on
national name brands. As of December 15, 2022, the Company operates
397 stores in 35 states and Puerto Rico under its Shoe Carnival and
Shoe Station banners and offers shopping at www.shoecarnival.com.
Headquartered in Evansville, IN, Shoe Carnival, Inc. trades on The
Nasdaq Stock Market LLC under the symbol SCVL. Press releases and
annual report are available on the Company's website at
www.shoecarnival.com.
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version on businesswire.com: https://www.businesswire.com/news/home/20221215005785/en/
W. Kerry Jackson Shoe Carnival Investor Relations (812)
867-4034
Shoe Carnival (NASDAQ:SCVL)
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