Shoe Carnival, Inc. (NASDAQ: SCVL) has announced its latest financial moves, which include a quarterly cash dividend and a new share repurchase program. The company's board of directors has approved a quarterly cash dividend of $0.135 per share, to be paid on January 27, 2025, to shareholders of record as of January 13, 2025. This marks Shoe Carnival's 51st consecutive quarterly dividend.
Additionally, the board authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2025. This new program replaces an existing $50 million share repurchase program that was authorized on December 14, 2023, and expired on December 31, 2024.
Shoe Carnival's President and CEO, Mark Worden, highlighted the company's strong capital structure, liquidity management, and profitability, positioning them well to deliver enhanced shareholder value and pursue their vision of becoming the nation’s leading family footwear retailer.
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.
As of December 12, 2024, Shoe Carnival 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.
The specifics of the financials, including changes from the previous period, were not disclosed in the press release. The market has reacted to these announcements by moving the company's shares -2.9% to a price of $34.62. If you want to know more, read the company's complete 8-K report here.
