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, 2022. In addition, its Board of Directors approved the payment of a quarterly cash dividend of 7 cents per share to be paid on January 24, 2022, to shareholders of record as of the close of business on January 10, 2022.
The new share repurchase program will replace an existing $50 million share repurchase program that was authorized on December 15, 2020, and will expire in accordance with its terms on December 31, 2021. Additional purchases may be made under the existing share repurchase program prior to its expiration.
“We are very proud of our history of providing shareholder return through dividends and share repurchases. With this final dividend for our fiscal year 2021, we will have returned over $230 million to shareholders during the last eight years,” said Mark Worden, Shoe Carnival’s president and chief executive officer, shown above. “As we look forward into the new year, we are steadfastly committed to increasing shareholder value as part of our journey toward becoming a multi-billion dollar retailer.”
Photo courtesy Shoe Carnival
