Shoe Carnival, Inc. extended the date of expiration of its current $25 million share repurchase program from Dec. 31, 2011 to Dec. 31, 2012.
Mark Lemond, president and chief executive officer stated, “We remain committed to operating our business with the long-term goal of increasing total shareholder return. We continue to believe our strong unleveraged financial position provides a solid platform for additional square footage growth which will serve to deliver the most opportunity for return of value to our investors. For fiscal 2012, we expect to accelerate our new store openings by adding a net of 25 locations. We view our repurchase program as an additional opportunity to return value to our shareholders and are pleased that our Board of Directors has extended the current program.”
Repurchases may be made in the open market or privately negotiated transactions from time-to-time and in accordance with applicable laws, rules and regulations. The program may be amended, suspended or discontinued at any time and does not commit the Company to repurchase shares of its common stock. The current program will terminate upon the earlier of the repurchase of the maximum amount or the extended expiration date of December 31, 2012. The Company intends to fund the share repurchase program from cash on hand. 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 conditions. No shares have been repurchased under this program to-date.
Shoe Carnival is a chain of 328 footwear stores located in the Midwest, South and Southeast.