Shoe Carnival, Inc. announced that its board of directors authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2020. In addition, its board of directors approved the payment of a quarterly cash dividend of $0.085 per share to be paid on January 27, 2020, to shareholders of record as of the close of business on January 13, 2020.

The new share repurchase program will replace the existing $50 million share repurchase program that was authorized on December 13, 2018, which will expire in accordance with its terms on December 31, 2019. There is currently $19.1 million that remains authorized for repurchases under the existing share repurchase program. Additional purchases may be made under the existing share repurchase program prior to its expiration.