The stock split will be effected 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 the 6^th of July 2021. The dividend shares are scheduled to be distributed on the 19^th of July.

The recently announced cash dividend of 0.14 US dollars per share, which is also payable on the 19^th of July 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”, stated Cliff Sifford, Shoe Carnival’s Vice Chairman and Chief Executive Officer.

Fiscal 2021 Guidance

Shoe Carnival 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 US dollars and diluted net income per share to be in excess of 6.00 US dollars pre-stock split, or in excess of 3.00 US dollars post-stock split. Net sales are expected to surpass any previous full fiscal year record by over 100 million US dollars, and diluted net income per share is expected to more than double the company’s previous fiscal year record of 2.92 US dollars per share (pre-split basis).

“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”, commented Mark Worden, President and Incoming Chief Executive Officer.