Shoe Carnival, Inc.’s Board of Directors authorized a share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2023.

The Board also approved the payment of a quarterly cash dividend of $0.09 per share to be paid on January 23, 2023, to shareholders of record at of the close of business on January 9, 2023.

The share repurchase program will replace its existing $50 million share repurchase program that was authorized on December 16, 2021, and will expire per the terms on December 31, 2022.

The company can make additional purchases under the existing share repurchase program before 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 2022, we will have returned to shareholders over $40 million in fiscal 2022 and over $275 million to shareholders during the last decade,” said Mark Worden, president and CEO, Shoe Carnival. “As we plan for fiscal 2023, we are committed to growing in size and scale and increasing our shareholder value.”