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The company will pay a quarterly cash dividend of $0.135 per share
EVANSVILLE, Ind.–( BUSINESS WIRE )–Shoe Carnival (NISE:), Inc. (Nasdaq: SCVL ) (the Company), a leading retailer of footwear and family accessories, announced today that its board of directors has authorized the payment of a quarterly cash dividend of $0.135 per share to be paid on January 27, 2025, to shareholders on the Closing Date 13.01.2025.
In addition, its Board of Directors has authorized a new share repurchase program of up to $50 million of its outstanding common stock, effective January 1, 2025. The new share repurchase program will replace the existing $50 million share repurchase program that was approved December 14, 2023, and will expire in accordance with on its terms on December 31, 2024. Additional purchases may be made under the existing share buyback program prior to its expiration.
This marks our 51st consecutive quarterly dividend and we continue to drive solid cash flow, funding our debt-free operations and growth strategies. Our strong capital structure, liquidity management and profitability position us well to continue to deliver enhanced shareholder value and to pursue our vision to be the nation’s leading family footwear retailer, commented Mark Worden, Shoe Carnival (NASDAK:) president and chief executive officer.
Purchases under the new share repurchase program may be made in the open market or through privately negotiated transactions from time to time until December 31, 2025, subject to applicable laws, rules and regulations. Repurchases may also be made pursuant to a Rule 10b5-1 plan, which, if adopted by the Company, would allow the Company to repurchase shares in accordance with predetermined criteria when the Company would otherwise be prohibited from doing so by insider trading laws or by self-imposed trading blackout periods . The share repurchase program may be modified, suspended or terminated at any time and does not obligate the Company to repurchase its common shares. The Company intends to fund the stock repurchase program with cash and any shares acquired will be available for stock-based compensation and other corporate purposes.
The actual number and value of shares to be purchased will depend on the performance of the Company’s stock price and other market and economic factors.
Future declaration of dividends is subject to the approval of the Board of Directors and will depend on the Company’s performance, financial condition, business conditions and other factors deemed relevant by the Board of Directors.
About the shoe carnival
Shoe Carnival, Inc. is one of the largest family footwear retailers in the country, offering a wide range of apparel, casual and athletic footwear for men, women and children with an emphasis on national brands. As of December 12, 2024, the company operates 431 stores in 36 states and Puerto Rico under its Shoe Carnival and Shoe Station banners and offers shopping at www.shoecarnival.com and www.shoestation.com. Based in Evansville, IN, Shoe Carnival, Inc. trades 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.
Cautionary Statement Regarding Forward-Looking Information
As used herein, we, our and us refer to Shoe Carnival, Inc. This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, which involve a number of risks and uncertainties, such as statements about our future growth, operations, financial flows and shareholder returns, as well as our growth strategy and profit transformation.
A number of factors could cause our actual results, performance, achievements or industry results to differ materially from any future results, performance or achievements expressed or implied by these forward-looking statements. These factors include, but are not limited to: our ability to control costs and meet our labor needs in a rising wage, inflation and/or constrained supply chain environment; the impact of competition and pricing, including our ability to maintain current levels of promotional intensity; the effects and duration of the economic crisis and the unemployment rate; our ability to achieve the expected operating results and planned growth of our Shoe Station banner, which includes the recently acquired stores and the Rogan business, in the expected timeframes or at all; the potential impact of national and international security concerns, including those caused by war and terrorism, on the retail environment; general economic conditions in the areas of the continental United States and Puerto Rico where our stores are located; changes in the overall retail environment and more specifically in the clothing and footwear retail sector; our ability to successfully use the e-commerce sales channel and its impact on traffic and transactions in our brick-and-mortar stores; the success of the outdoor malls in which many of our stores are located and the 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 omnichannel sales; the effectiveness of our inventory management, including our ability to manage key supplier relationships and direct-to-consumer initiatives; changes in our relationships with other key suppliers; changes in the political and economic environment, the status of trade relations with China and other countries that are the largest producers of footwear and the impact of changes in trade policies and tariffs; 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 lease obligations; changes in weather, including patterns affected by climate change; changes in consumer shopping trends and our ability to identify and respond to new fashion trends; the impact of disruptions in our distribution or information technology operations including our distribution center located in Evansville, IN; the impact of natural disasters, public health and political crises, civil unrest and other catastrophic events on our business and the business of our suppliers, as well as on consumer confidence and shopping generally; the duration and spread of the public health crisis and mitigation efforts, including the effects of government incentives on consumer spending; 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 effectively integrate Rogan’s, retain Rogan’s employees and achieve the expected operating results, synergies, efficiencies and other benefits of the Rogan acquisition within the expected timeframes, or at all; risks that the acquisition of Rogan may disrupt our current plans and operations or adversely affect our relationship with our vendors and other suppliers; our ability to successfully execute our business strategy, including the availability of desirable store locations under acceptable lease terms, our ability to identify, complete or effectively integrate future acquisitions, our ability to implement and adapt to new technology and systems, our ability to open new ones in a timely manner and stores profitably, including our entry into major new markets and the availability of sufficient funds for the realization of our business plans; higher-than-anticipated costs related to closing underperforming stores; inability of manufacturers to deliver products in a timely manner; increase in costs or disruption of the flow of imported goods; the impact of regulatory changes in the United States, including minimum wage laws and regulations, and the countries in which our manufacturers are located; resolution of litigation or regulatory proceedings in which we are or may be involved; continued volatility and disruptions in the capital and credit markets; future share buybacks under our share buyback program and future dividend payments; and other factors described in the Company’s filings with the SEC, including the Company’s most recent Annual Report on Form 10-K. In addition, these forward-looking statements necessarily depend on 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 are not 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 believe, expect, target, on track, may, will, should, seek, pro forma, predict, intend or negative either which of these terms, or comparable terminology, or discussions of strategy or intentions. Given these uncertainties, investors are cautioned 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.
See the original version on businesswire.com: https://www.businessvire.com/nevs/home/20241212014496/en/
Steve R. Alexander
Investor Relations for Shoe Carnival
(812) 867-4034
Source: Shoe Carnival, Inc.
