Shoe Carnival Inc.’s board of directors authorized a new share repurchase program for up to $50 million of its outstanding common stock, effective January 1, 2017. In addition, its board of directors approved the payment of a quarterly cash dividend of 7 cents per share to be paid on January 23, 2017, to shareholders of record as of the close of business on January 9, 2017.
The new share repurchase program will replace the existing $50 million share repurchase program that was authorized on December 9, 2015, which will expire in accordance with its terms on December 31, 2016. There is currently $10.3 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.
The company intends to fund the share repurchase program from cash on hand, and any shares acquired will be available for stock-based compensation awards and other corporate purposes.
Photo courtesy Shoe Carnival
