EVANSVILLE, Ind.--(BUSINESS WIRE)--Dec. 15, 2014--
Shoe Carnival, Inc. (NASDAQ: SCVL) a leading retailer of moderately
priced footwear and accessories, today announced that on December 11,
2014, its Board of Directors authorized a new share repurchase program
for up to $25 million of its outstanding common stock, effective January
1, 2015.
The purchases under the new share repurchase program may be made in the
open market or through privately negotiated transactions from
time-to-time through December 31, 2015, and in accordance with
applicable laws, rules and regulations. The program may be amended,
suspended or discontinued at any time and does not commit the Company to
repurchase shares of its common stock. 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. The actual number and value of the shares to be purchased will
depend on the performance of the Company’s stock price and other market
conditions.
The new share repurchase program replaces the existing $25 million share
repurchase program that was authorized in August 2010, which will expire
in accordance with its terms on December 31, 2014. There is currently
$12.8 million that remains authorized for repurchases under the existing
share repurchase program. No further purchases will be made under
the existing share repurchase program prior to its expiration.
About Shoe Carnival
Shoe Carnival, Inc. is one of the nation’s largest family footwear
retailers, offering a broad assortment of moderately priced dress,
casual and athletic footwear for men, women and children with emphasis
on national and regional name brands. As of December 15, 2014, the
Company operates 403 stores in 33 states and Puerto Rico, and offers
online shopping at www.shoecarnival.com.
Headquartered in Evansville, IN, Shoe Carnival trades on The NASDAQ
Stock Market LLC under the symbol SCVL. Shoe Carnival's press releases
and annual report are available on the Company's website at www.shoecarnival.com.
Cautionary Statement Regarding Forward-Looking Information
This press release contains forward-looking statements, within the
meaning of the Private Securities Litigation Reform Act of 1995, that
involve a number of risks and uncertainties. A number of factors could
cause our actual results, performance, achievements or industry results
to be materially different from any future results, performance or
achievements expressed or implied by these forward-looking statements.
These factors include, but are not limited to: general economic
conditions in the areas of the continental United States and Puerto Rico
in which our stores are located; the effects and duration of economic
downturns and unemployment rates; changes in the overall retail
environment and more specifically in the apparel and footwear retail
sectors; our ability to generate increased sales at our stores; the
potential impact of national and international security concerns on the
retail environment; changes in our relationships with key suppliers; the
impact of competition and pricing; our ability to successfully manage
and execute our marketing initiatives and maintain positive brand
perception and recognition; changes in weather patterns, consumer buying
trends and our ability to identify and respond to emerging fashion
trends; the impact of disruptions in our distribution or information
technology operations; the effectiveness of our inventory management;
the impact of hurricanes or other natural disasters on our stores, as
well as on consumer confidence and purchasing in general; risks
associated with the seasonality of the retail industry; the impact of
unauthorized disclosure or misuse of personal and confidential
information about our customers, vendors and employees; our ability to
manage our third-party vendor relationships; our ability to successfully
execute our growth strategy, including the availability of desirable
store locations at acceptable lease terms, our ability to open new
stores in a timely and profitable manner, including our entry into major
new markets, and the availability of sufficient funds to implement our
growth plans; higher than anticipated costs associated with the closing
of underperforming stores; our ability to successfully grow our
e-commerce business; the inability of manufacturers to deliver products
in a timely manner; changes in the political and economic environments
in China, Brazil, Europe and East Asia, where the primary manufacturers
of footwear are located; the impact of regulatory changes in the United
States and the countries where our manufacturers are located; the
continued favorable trade relations between the United States and China
and the other countries which are the major manufacturers of footwear;
the resolution of litigation or regulatory proceedings in which we are
or may become involved; and our ability to meet our labor needs while
controlling costs; and other factors described in the Company’s SEC
filings, including the Company’s latest Annual Report on Form 10-K.
In addition, these forward-looking statements necessarily depend upon
assumptions, estimates and dates that may be incorrect or imprecise and
involve known and unknown risks, uncertainties and other factors.
Accordingly, any forward-looking statements included in this press
release do not purport to be predictions of future events or
circumstances and may not be realized. Forward-looking statements can be
identified by, among other things, the use of forward-looking terms such
as “believes,” “expects,” “may,” “will,” “should,” “seeks,” “pro forma,”
“anticipates,” “intends” or the negative of any of these terms, or
comparable terminology, or by discussions of strategy or intentions.
Given these uncertainties, we caution investors not to place undue
reliance on these forward-looking statements, which speak only as of the
date hereof. We disclaim any obligation to update any of these factors
or to publicly announce any revisions to the forward-looking statements
contained in this press release to reflect future events or developments.
Source: Shoe Carnival, Inc.
Shoe Carnival, Inc.
Cliff Sifford
President, Chief
Executive Officer and Chief Merchandising Officer
or
W.
Kerry Jackson
Senior Executive Vice President, Chief
Operating and Financial Officer, and Treasurer
(812) 867-6471
www.shoecarnival.com