Companies

Shoe Carnival strengthens returns to shareholders

Dec 20, 2024 United States

The US footwear retailer announced a quarterly dividend and a new stock repurchase program, leveraging cash reserves to support stock performance and corporate initiatives

“This marks our 51^st consecutive quarterly dividend, and we continue to drive solid cash flow, funding our operations and growth strategies without debt. Our strong capital structure, liquidity management and profitability position us well to continue delivering enhanced shareholder value and pursuing our vision to be the nation’s leading family footwear retailer”, commented Mark Worden, President and Chief Executive Officer at Shoe Carnival

Shoe Carnival has declared a quarterly cash dividend of 0.135 US dollars per share, payable on the 27^th of January 2025, to shareholders as of the 13^th of January 2025. The company’s Board of Directors also approved a new share repurchase program, authorising the repurchase of up to 50 million US dollars in outstanding common stock, effective from the 1^st of January 2025. This program will replace the current repurchase initiative set to expire at the end of December 2024.

The new repurchase program will allow the company to purchase shares on the open market or through privately negotiated transactions. The program is not binding, enabling the company to amend, suspend, or discontinue share buybacks as necessary. Shoe Carnival stated that the acquired shares would be used for stock-based compensation or other corporate purposes.

The company’s cash reserves will fund the repurchase program. The total number and value of shares purchased will depend on various factors, including the company’s stock performance, broader market conditions and economic considerations. Future dividend declarations will require Board approval and will rely on Shoe Carnival’s operational performance, financial standing and prevailing business conditions.

Image Credits: wlgwh.shop

United States Companies Footwear Retail Shoe Carnival