Shoe Carnival, Inc.’s 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 12 cents 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 the $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 can be made under the existing share repurchase program before 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 CEO.
Purchases under the new share repurchase program can be made in the open market or through privately negotiated transactions from time to time through December 31, 2024.
Photo courtesy Shoe Carnival
