Board of Directors Increases Quarterly Cash Dividend by 12.5
percent
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 approved the payment of a
quarterly cash dividend of $0.135 per share, representing a
quarterly increase of 12.5 percent and an increased annualized
dividend rate to $0.54 per share.
The quarterly cash dividend will be paid on April 22, 2024, to
shareholders of record as of the close of business on April 8,
2024.
“This marks our 48th consecutive quarterly dividend and the 10th
consecutive year we have increased the dividend. In the last twelve
months, we have increased the quarterly dividend by 35 percent. Our
growth strategy and profit transformation position us to continue
generating strong cash flows and fund our operations without
long-term debt. The Board’s decision to increase the quarterly
dividend demonstrates our confidence in delivering growth and
further enhancing shareholder returns,” commented Mark Worden, Shoe
Carnival’s President and Chief Executive Officer.
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 March 14, 2024, the Company operates
429 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. 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, such as
statements about our future growth, operations, cash 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 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; the impact of competition and pricing,
including 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 from, and planned growth of, our Shoe Station banner, which
includes the recently acquired stores and operations of Rogan
Shoes, Incorporated (“Rogan’s”), 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 successfully utilize the e-commerce sales channel and
its 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 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 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; 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 including at
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 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 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 effectively integrate Rogan’s,
retain Rogan’s employees, and achieve the expected operating
results, synergies, efficiencies and other benefits from the
Rogan’s acquisition within the expected time frames, or at all;
risks that the Rogan’s acquisition may disrupt our current plans
and operations or negatively impact our relationship with our
vendors and other suppliers; 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.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20240314663804/en/
Steve R. Alexander Shoe Carnival – Vice President Investor
Relations (812) 306-6176
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