Company to Pay Quarterly Cash Dividend of $0.12 Per Share
Shoe Carnival, Inc. (Nasdaq: SCVL) (the “Company”), a leading
retailer of footwear and accessories for the family, announced
today that its Board of Directors authorized a new share repurchase
program for up to $50 million of its outstanding common stock,
effective January 1, 2024. Additionally, its Board of Directors
approved the payment of a quarterly cash dividend of $0.12 per
share to be paid on January 22, 2024, to shareholders of record as
of the close of business on January 8, 2024.
The new share repurchase program will replace an existing $50
million share repurchase program that was authorized on December
14, 2022, and will expire in accordance with its terms on December
31, 2023. Additional purchases may be made under the existing share
repurchase program prior to its expiration.
“This marks our 47th consecutive quarterly dividend and we are
proud of our history of providing shareholder return through
dividends and share repurchases. Our strong capital structure and
cash flow generation position us well to continue driving enhanced
shareholder value and executing our strategy of pursuing additional
growth initiatives,” commented Mark Worden, Shoe Carnival’s
President and Chief Executive Officer.
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, 2024, 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 18, 2023, the Company operates
401 stores in 35 states and Puerto Rico under its Shoe Carnival and
Shoe Station banners and offers shopping at www.shoecarnival.com
and www.shoestation.com. Headquartered 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, 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: our ability to control costs and meet our labor needs
in a rising wage, inflationary, and/or supply chain constrained
environment; our ability to maintain current promotional intensity
levels; the effects and duration of economic downturns and
unemployment rates; our ability to achieve expected operating
results, synergies, and other benefits from the Shoe Station
acquisition within expected time frames, 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 apparel and
footwear retail sectors; our ability to generate increased sales;
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 many of 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 omnichannel sales; the effectiveness of our
inventory management, including our ability to manage key
merchandise vendor relationships and direct-to-consumer
initiatives; changes in our relationships with other 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; 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,
public health and political crises, civil unrest, and other
catastrophic events on our operations and the operations of our
suppliers, as well as on consumer confidence and purchasing in
general; the duration and spread of a public health crisis, such as
COVID-19, and the mitigating efforts deployed, including the
effects of government stimulus 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 cybersecurity breach; our ability to successfully
execute our business strategy, including the availability of
desirable store locations at acceptable lease terms, our ability to
identify, consummate or effectively integrate future acquisitions,
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. 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,” “aims,” “on track,” “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/20231218369273/en/
Steve R. Alexander Shoe Carnival Investor Relations (812)
867-4034
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