Shoe Carnival To Repurchase Up To $50 Mln Of Shares

(RTTNews) - Shoe Carnival, Inc. (SCVL), a retailer of footwear and accessories, announced on Monday that its Board has authorized a new share repurchase program for up to $50 million of shares, effective January 1, 2024. The purchases of new shares may be made in the open market or through privately negotiated transactions from time to time through December 31, 2024.

Shoe Carnival intends to fund the share repurchase drive from cash on hand.

The new share repurchase program will replace an existing $50 million share repurchase program that was authorized on December 14, 2022, and will expire on December 31, 2023. Additional purchases may be made under the existing share repurchase program before its expiration.

In addition, the Board will pay a quarterly cash dividend of $0.12 per share on January 22, 2024, to shareholders of record as of January 8, 2024.

SCVL was trading down by 0.14 percent at $29.25 per share in the pre-market trade on the Nasdaq.