Shoe Carnival Inc. issued its full-year guidance that calls for earnings to double year-ago levels and come in ahead of current Wall Street targets. The off-pricer’s Board of Directors also authorized a two-for-one stock split.

Stock Split
The stock split will be affected by the payment of a stock dividend of one share on each share of common stock to shareholders of record at the close of business on July 6. The dividend shares are scheduled to be distributed on July 19. The company expects the adjusted number of shares outstanding and the adjusted per-share stock price reported by the Nasdaq to be effective Tuesday, July 20. The recently announced cash dividend of $0.14 per share, which is also payable on July 19, 2021, will be paid on a pre-split basis.

“The Board’s approval of this stock split, along with the recent dividend increase, further underscores its confidence in Shoe Carnival’s long-term growth trajectory. We are truly excited about the strength of our concept, dedication of our team and unwavering commitment to our customers continuing to position Shoe Carnival as a leader in the family footwear segment,” commented Cliff Sifford, Shoe Carnival’s vice chairman and chief executive officer.

Fiscal 2021 Guidance
The company also provided full-year net sales and earnings guidance for fiscal 2021. For the full fiscal year 2021, Shoe Carnival anticipates net sales to be in excess of $1.15 billion and diluted net income per share to be in excess of $6.00 pre-stock split, or in excess of $3.00 post-stock split. Net sales are expected to surpass any previous full fiscal year record by over $100 million, and diluted net income per share is expected to more than double the company’s previous fiscal year record of $2.92 per share on a pre-split basis.

Wall Street’s current consensus guidance called for earnings of $5.68 a share for 2021 on sales on average of $1.14 billion.

“The fundamentals of our business remain robust. We have maintained strong momentum as we move through the second fiscal quarter and, as a result, we have provided an initial outlook for our full fiscal year 2021. We look forward to providing more detail on our second-quarter earnings call,” noted Mark Worden, president and incoming chief executive officer.

Photo courtesy Shoe Carnival